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Editor's letter, Financial Stability, Governance

Editor's letter: Time to consider overhauling the FCA?

By John Crowley
September 5, 2023
A logo sits on a sign in the reception area of the headquarters of the Financial Conduct Authority (FCA) in the Canary Wharf business district in London, U.K., on Thursday, Nov. 21, 2013. The FCA is working with regulators including the U.S. Department of Justice and the Commodity Futures Trading Commission to investigate the potential manipulation of the foreign-exchange market. Photographer: Chris Ratcliffe/Bloomberg
Image via Bloomberg Mercury

Welcome back to the Banking Risk & Regulation newsletter.

In August, we exclusively revealed the UK government was considering proposals to create a new ‘mega supervisor’ to take over from the Financial Conduct Authority and the patchwork of other regulators that currently oversee the banking sector.

The piece received a ...

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A logo sits on a sign in the reception area of the headquarters of the Financial Conduct Authority (FCA) in the Canary Wharf business district in London, U.K., on Thursday, Nov. 21, 2013. The FCA is working with regulators including the U.S. Department of Justice and the Commodity Futures Trading Commission to investigate the potential manipulation of the foreign-exchange market. Photographer: Chris Ratcliffe/Bloomberg
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August 24, 2023

UK mulls ditching FCA over compliance checks

UK bank compliance teams face the prospect of a new supervisor, under proposals to deter money laundering and terrorism financing. The structural overhaul would create a new ‘mega supervisor’ to...
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