Two Agencies Cost More Than One: One Year After FSA's Dissolution, How Are the PRA and FCA Doing?
Last April, the Financial Services Authority (FSA) was replaced by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA). The FSA, which had been formed in 1997 by the Chancellor of Exchequer, expressed sentiments that the transition would be smooth and changes would be beneficial, but many in the industry worried about the implications of having two regulators instead of one.
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