The UK has formally replaced its troubled Financial Services Authority (FSA), with two new regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), together known as the ‘twin peaks'.
The FSA was criticised for its handling of the financial crisis, with then chief executive Hector Sants admitting in October 2007 that the regulator had failed to fully understand the full impact of tightened credit conditions on Northern Rock, a bank that failed amid runs du
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