New regulator 'will not tolerate' repeat offenders

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read
Consumer Duty two years on: Challenges remain for advisers

Consumer Duty two years on: Challenges remain for advisers

‘Biggest challenge for advisers at the moment'

Sahar Nazir
clock 31 July 2025 • 4 min read