Angela Knight, chief executive of the Association of Private Client Investment Managers and Stockbrokers, has accused the FSA of adopting a ‘slash and burn' approach to regulation since former chairman Howard Davies left office.
The Times reports the comments today noting the dynamic duo of chairman Callum McCarthy and chief executive John Tiner have imposed some £27.3m worth of fines in the past 12 months against just £12.5m worth in the last year of the Davies regime. Knight goes on to say the problem of their approach is when fines are meted out the general public is given the impression “of constant scandal in the financial services industry, when most of the industry is behaving very well”. However, it is also the case that excluding the record £17m fine handed to Shell over its oil reserves scandal the ...
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