The Financial Conduct Authority (FCA)
So, those are the basic requirements from a shareholder’s perspective; what have the British authorities done about it? They have created some large and powerful regulators to supervise the system.
Until 2013 the Financial Services Authority, FSA, dominated the scene. It was a ‘super-regulator’ with oversight of an amazing range of financial sectors. In 2013 the FSA split in two. The main body, the Financial Conduct Authority, FCA, is now the super-regulator covering a very wide range of financial services – see Figure 18.1. But one important function, that of the individual regulation of the 2,200 biggest brokers, banks and insurers on the issue of whether they are safe and sound (enough cash reserves, low ...
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