Financial Conduct Authority (FCA) chair Charles Randell has said the financial watchdog must be stricter with authorising firms as he admits that regulating 60,000 firms is tough.
Speaking at a Finance & Leasing Association event, Randell (pictured) said the FCA must make sure the firms that have authorised status are good enough, as the number of firms it regulates increase. "Over the last seven years, the number of firms given to the FCA to regulate has more than doubled, and it continues to grow as we are given more responsibilities. "The review into London Capital & Finance [LCF] highlighted the risks from firms which exploit the ‘halo effect' of FCA authorisation." LCF fell into administration in January 2019 after collecting £237m from 11,600 investo...
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