Banks must focus on conduct, not 'conduct risk'
The UK's FCA may put emphasis on conduct failures in its supervision, but that should not lead firms to set up yet another risk management silo
In the aftermath of the financial crisis, and at the height of the payment protection insurance mis-selling scandal, the former UK Financial Services Authority (FSA) was broken up, giving way to the Financial Conduct Authority (FCA), which is responsible for monitoring the financial services industry with regards to business conduct. Prudential issues for credit institutions, insurers and a small number of designated investment firms are now covered by the Prudential Regulation Authority (PRA)
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