FCA To Hold Firms To Account For 'Foreseeable Harm'

Law360, London (April 4, 2019, 1:45 PM BST) -- The Financial Conduct Authority's enforcement chief said Thursday the watchdog will hold companies accountable if they fail to prevent "foreseeable harm" being caused to consumers, as he pointed to substantial fines issued recently against Tesco Bank and a mobile phone retailer.

The City regulator hit Carphone Warehouse with a penalty of £29.1 million ($38.2 million) in March for mis-selling insurance products. Tesco Bank was fined £16.4 million last year for failing to protect its customers against a "foreseeable" cyberattack in 2016.

"Firms will be held accountable for foreseeable harm, and what happened in both Tesco and in Carphone Warehouse was or...

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