FCA Cannot Prevent Virus-Linked Bankruptcies, Chief Says

Law360, London (November 10, 2020, 1:58 PM GMT) -- The Financial Conduct Authority said on Tuesday that it cannot protect the finance companies it supervises from going bust during the coronavirus pandemic, as the crisis continues to batter the economy.

The regulator's role is not to rescue all banks and insurers from failing during the COVID-19 crisis, FCA Chief Executive Nikhil Rathi said. But the City watchdog has a central role in helping the domestic economy recover, Rathi said.

"We cannot stop some of the firms that are under FCA oversight from failing. We are not, nor should we be, a zero-failure regulator," Rathi said in an FCA podcast published...

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