FCA Boss Pledges To 'Test Powers To Limit' After Failures

Law360, London (July 15, 2021, 2:00 PM BST) -- The Financial Conduct Authority's boss unveiled sweeping changes to the way it operates on Thursday, as the City watchdog charts a course away from a series of regulatory failures.

Nikhil Rathi, who took over as chief executive in 2020, said the FCA will become more assertive and will not "turn a blind eye" when it identifies harm to consumers in financial markets, even if this falls outside its regulatory scope. Rathi said in his first annual report that the changes will include new investment in data protection, closing regulatory gaps in consumer protection and a tougher regime for granting permission to...

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