The Financial Services Authority (FSA) has called on firms and individuals to tell them about bad behaviour within the marketplace to strengthen the regulator.
Speaking at a Marketforce conference on the future of life and long-term savings, Clive Adamson, the director of supervision within the conduct business unit, explained how the problems were sometimes slow in being brought to the attention of the FSA. He said: "The FSA hasn't received a lot of intelligence from the market about what's going on. We know from experience when bad things happen that firms then tell us: 'We knew all about that two years ago'." When asked why they had not informed the regulation, he said firms admitted they do not trust the FSA. Adamson went on to explai...
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