It is surely inconceivable that the Financial Conduct Authority (FCA) could do worse than the Financial Services Authority (FCA).
The catalogue of things that went wrong on the FSA’s watch is as thick as a phonebook. If you don’t accept the suggestion that, “just like everyone else”, the FSA couldn’t have anticipated the financial crisis, then you are starting to talk about an organisation that couldn’t have done much worse.
‘Enforcement 40’ for 2020
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