UK MPs demand end to box ticking bank regulation
The UK’s Treasury Select Committee has called for the chairman of the new Financial Conduct Authority (FCA), John Griffith-Jones, to break with the past and embrace a judgement-led approach to regulation to avoid making the same mistakes as the Financial Services Authority (FSA).
The FCA is a successor to the FSA alongside the Prudential Regulation Authority, as part of the new "twin peaks" approach but Griffith-Jones job is not one of continuity, the committee said in a report on January 11.
"Regulation is primarily about judgement," said Andrew Tyrie, chairman
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