Financial Stability, Governance, News, Prudential

UK mulls ditching FCA over compliance checks

By Bill Lumley
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

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 take over from the Financial Conduct Authority and the patchwork of other regulators that currently oversee the sector.

...

To continue reading
Request Free Trial

  • Unlimited access to all content.
  • Email alerts highlighting key industry insight.
  • Invitations to attend exclusive roundtables and events.

Read Next:

Financial Stability, Governance, News, Prudential
August 22, 2023

‘Get on with it’: UK banks urge PRA not to delay Basel ‘endgame’ 

The UK prudential regulator is considering whether or not to copy US regulators and delay bank capital hikes, but UK banks are urging the regulator to resist and follow the...
Read more