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U.K.: New watchdog to promote competition in Britain’s banking industry

By  |  October 16, 2012
U.K.: New watchdog to promote competition in Britain’s banking industry

The Financial Conduct Authority (FCA), Britain’s new watchdog that will be launched in early 2013 as part of reforming Britain’s banking industry, should help reduce barriers to competition, according to Greg Clark, UK’s financial minister. The FCA would use competition as a tool to clean up markets and protect consumers as well as oversee conduct and the Bank of England’s financial health. The FCA will replace the Financial Services Authority, and will focus on enforcement against market abuses.

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    Full Content: Reuters

    Related Content: The Competition and Markets Authority: A New Era for U.K. Competition Law Enforcement?

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