Broker Expo South: FCA a “more dangerous and unpredictable animal”
Delegates at the inaugural Broker Expo South event have been warned that the new regulator will be a more dangerous and unpredictable animal and that brokers should prepare themselves for more intrusion.
The warning was delivered at a regulatory workshop hosted by compliance expert Mike Cranny. He pointed that political appetite for regulation came in cycles and that the market was in the middle of a period of increased regulation.
He used the analogy of the police and social workers to explain the difference between the Financial Services Authority (FSA) and the Financial Conduct Authority (FCA): "If the FSA were the police, they would be the police that stayed in the station drinking coffee
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