FCA sets thresholds for regulatory failure
Slip-ups resulting in more than £30m losses will merit investigation, UK regulator says
The UK Financial Conduct Authority (FCA) has promised an internal investigation into future regulatory failures which cost consumers more than £30 million, describing the new definition of regulatory failure in response to recent incidents including the Libor-rigging scandal and the failures of RBS and Northern Rock.
The definition is based on the FCA's objectives of market integrity, competition and consumer protection – any regulatory failure with a significant actual or potential effect on
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