News

Britain's largest banking group on Friday called on U.K. officials to shorten governmental deadlines to approve senior managers and consider tasking a new agency with imposing enforcement penalties. In a report recommending broad changes to improve the competitiveness of Britain's financial sector, the British Bankers' Association (BBA) and Oliver Wyman said that the government could alter the current mandate of the Financial Conduct Authority (FCA) to focus the regulator solely on supervision rather than penalty and redress. The U.K.'s current regulatory system, which empowers the FCA to issue regulations, examine compliance efforts and levy monetary penalties, "can distort incentives and...