Firms that continue to have issues picked up on by the Financial Services Authority (FSA) are likely to be treated more harshly by the regulator's successor, according to one of its directors.
From next year, the Financial Conduct Authority (FCA) will take over some responsibilities from the FSA and it is set to take a more interventionist approach than its predecessor. Speaking at an FSA conference this week, Tracey McDermott, acting director of the enforcement, explained how firms would not be allowed to "constantly bump along the bottom". She said: "We will be much more prepared to intervene and limit business where each time we raise an issue or take action against a firm when we see it fixing only the immediate problem but failing to think about how the underlying caus...
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