FCA Braces For 'Painful Lessons' From Independent Reviews
Law360, London (September 21, 2020, 6:07 PM BST) -- The Financial Conduct Authority should brace for "painful lessons" this fall from two independent reviews on potential regulatory failures, an outgoing senior official warned Monday.
Christopher Woolard, interim chief executive of the FCA, also emphasized that there was a gap between public expectation and the regulator's actual capacity to prevent wrongdoing as the watchdog faces the publication in the coming months of two major reviews over its handling of high-profile company collapses.
In both cases the regulator is accused of reacting too slowly to warnings of potential disaster.
"I have no doubt there will be painful lessons and the FCA will...
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