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You can find the current article at its original source at https://www.theguardian.com/business/2016/oct/26/fca-chief-pledges-to-clean-up-scandal-prone-city
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| FCA chief pledges to clean up scandal-prone City | FCA chief pledges to clean up scandal-prone City |
| (about 1 hour later) | |
| The City’s most senior regulator has pledged to clean up the behaviour of major financial firms after a “very sorry” history of scandals. | The City’s most senior regulator has pledged to clean up the behaviour of major financial firms after a “very sorry” history of scandals. |
| Andrew Bailey, who took the helm of the Financial Conduct Authority in July after a long career at the Bank of England, said there had been two financial crises in the past decade. | Andrew Bailey, who took the helm of the Financial Conduct Authority in July after a long career at the Bank of England, said there had been two financial crises in the past decade. |
| The first was a crisis about the strength of the banking industry, “calling into question our financial stability at the level of the whole system”. | The first was a crisis about the strength of the banking industry, “calling into question our financial stability at the level of the whole system”. |
| “The second crisis has involved the conduct of business by financial firms,” he said, pointing to mis-selling of payment protection insurance to individuals and interest rate swaps to businesses, the rigging of Libor and foreign exchange markets as well as breaches of money laundering rules. | |
| “This is a very sorry history, and the future needs to be radically different from the past. We owe this to the public who are the consumers of financial services,” said Bailey, as he launched a consultation on the regulator’s mission. | “This is a very sorry history, and the future needs to be radically different from the past. We owe this to the public who are the consumers of financial services,” said Bailey, as he launched a consultation on the regulator’s mission. |
| He was appointed to the role after the decision by the former chancellor George Osborne not to renew the contract of Martin Wheatley, who had been the first head of the FCA when it was set up after the financial crisis. When the regulator was launched, Wheatley had said he would “shoot first and ask questions later”. | He was appointed to the role after the decision by the former chancellor George Osborne not to renew the contract of Martin Wheatley, who had been the first head of the FCA when it was set up after the financial crisis. When the regulator was launched, Wheatley had said he would “shoot first and ask questions later”. |
| Bailey is taking on a regulator which oversees 56,000 firms operating in the UK and also a remit over competition. | Bailey is taking on a regulator which oversees 56,000 firms operating in the UK and also a remit over competition. |
| “The FCA has more tools at its disposal than many financial conduct regulators around the world,” Bailey said in the foreword to the consultation. | “The FCA has more tools at its disposal than many financial conduct regulators around the world,” Bailey said in the foreword to the consultation. |
| He added: “I should also point out that this is not a document about Brexit. In fact, that is the only time the word appears in the document. This is because we believe that the issues we are setting out in the mission are at the heart of financial conduct regulation whatever we do next.” | He added: “I should also point out that this is not a document about Brexit. In fact, that is the only time the word appears in the document. This is because we believe that the issues we are setting out in the mission are at the heart of financial conduct regulation whatever we do next.” |