Regulator is heading for the tightrope
The regulator is easing off from its enforcement stance and, while this will be welcomed by the market, the FSA risks incurring the wrath of the consumer lobby if it backfires
The winds of change are blowing around the Financial Services Authority. Those who remember its predecessor - the Securities and Investments Board - will recall exactly the same miraculous conversion. The immediate prompt for change being the scathing criticism of its disciplinary processes in the wake of Legal & General's tough stance when the FSA fined it last year. This has led to reforms of those processes, but the new approach goes well beyond the narrow causes of that review.
When a team
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