Wednesday, 1 March 2017
Last updated 18 hours ago
Dec 11 2013 | 11:21am ET
After eight months, bankers and hedge fund managers are anything but impressed with the U.K.'s new Financial Conduct Authority.
The FCA succeeded the Financial Services Authority in April, part of the British government's overhaul of its regulatory agencies. But that overhaul appears to have produced a regulator that's no better than any other, according to financial services professionals.
Just 18% of the 300 bank, asset management and hedge fund executives surveyed by Kinetic Partners think that the FCA has found the right balance between protecting investors and promoting growth. Than again, only 12% believe that the more venerable U.S. Securities and Exchange Commission and Hong Kong Securities and Futures have struck that balance. And 49% of those surveyed think that no regulator anywhere has found the right balance.