The Daily Telegraph reports that two members of the Regulatory Decisions Committee are retiring, but six will join the panel at the Financial Conduct Authority (FCA), bolstering the increasingly busy enforcement unit. Five of those members are also joining the Payments Systems Regulator’s (PSR) enforcement panel.
The FCA has issued fines to companies and bans to individuals in a series of high-profile cases in recent years, from Libor manipulation to foreign exchange benchmark fixing. It has also extended its reach, into the wholesale banking area, which could include investigations into other financial benchmarks, and into consumer credit, an industry which includes payday lenders and pawnbrokers.
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