The Financial Conduct Authority (FCA) is set for some “painful lessons” in reviews of the regulatory system this autumn, according to interim chief executive Chris Woolard, who said the regulator has “more to do” in changing for the better.
Speaking at the International Financial Services Forum on Monday (21 September), Woolard, who is soon set to step down from his role, acknowledged criticism the FCA has faced in recent times. Pointing to the scale of the FCA's mandate, he said: "The nature of the work we do means the odds are there will be times where we cannot stop failure or where we call a finely balanced judgement wrongly or miss something." "Understandably, there is an expectation from the public that we will not do so." "In the autumn, we will see the results of a number of reviews into potential failures of ...
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