In an opinion piece published in the Financial Times this week, author and former banker Philip Augar argues that the UK Financial Conduct Authority's (FCA) remit is too large for one organization and that it should be broken up.
In recent years, the FCA has faced harsh scrutiny over the regulatory and supervisory outcomes it achieves. A Parliamentary report released late last year accused the regulator of being "incompetent at best, dishonest at worst." And past independent reviews have found that the FCA missed seemingly obvious warning signs ahead of disastrous corporate failures.
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