New UK regulator will be more willing to intervene in retail markets
Regulators will be able to share information more freely
Financial crisis highlighted need for change
More than 2,500 firms to be covered by regulatory code
Legislation to create new regulatory authorities expected in the current Parliamentary session
Regulator willing to intervene to protect consumers
Tripartite regulation made rapid decision-making made nearly impossible by tripartite regulation
Financial Services Authority to be replaced with new conduct regulator
Firm failed to segregate billions of dollars of its clients’ money for nearly seven years
FSA reviewing whether it needs to make changes to its existing rules on complaint handling