FCA sets out steps for 'when things go badly wrong'

The FCA's predecssor, the Financial Services Authority (FSA), was heavily criticised for a lack of transparency over its investigation into the regulatory failings that allowed the collapse of HBOS and RBS during the financial crisis. In a paper out today the FCA said it has "substantially revised" the FSA's approach to regulation and learned from failings in the past. "We have designed a forward-looking judgement-based approach to make sure that regulatory outcomes improve. "A judgement-based approach may mean we get some things wrong, but this does not have to mean a regulatory f...