U.K. FSA’s Successor Must Be Radically Different, Panel Says
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The successor to the Financial Services Authority needs to take a “radically different” path to make sure consumers receive stronger protection and major financial failings are discovered earlier, a U.K. Parliamentary committee said.
The FSA “failed consumers badly” and the new agency must take a different approach “to the widely discredited box-ticking practices undertaken by the FSA,” Andrew Tyrie, the chairman of the committee, said in an e-mailed statement.