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Finance watchdog warns 'we can't stop everything' if chancellor's plan unleashes more fraud

^{Published on 2024-12-11 12:00:47 - The Independent}
 

• Chancellor Rachel Reeves used her speech to the City last month to say that regulation designed to avoid a repeat of the great financial crisis in 2007/8 had "gone too far"

The Financial Conduct Authority (FCA) has announced plans to enhance its regulatory oversight of the City of London, aiming to restore trust in the financial sector following recent controversies. This initiative includes a significant increase in enforcement actions, with the FCA planning to double the number of investigations into potential misconduct. The move comes in response to criticisms regarding the FCA's previous leniency and slow pace in addressing issues like the debanking of politicians and the handling of the Nigel Farage account closure by NatWest. Additionally, the FCA is set to introduce new consumer protection rules and is focusing on sectors like cryptocurrency and artificial intelligence to ensure they align with public interest and financial stability. This regulatory overhaul is part of a broader effort to demonstrate the FCA's commitment to robust regulation, as highlighted by Chancellor Rachel Reeves, who emphasized the need for a strong, independent regulator to maintain the UK's financial reputation.

Read the Full The Independent Article at:
[ https://www.independent.co.uk/news/business/fca-watchdog-city-regulation-reeves-b2662679.html ]

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