FCA to extend regulatory regime to 47,000 firms
A regulatory regime intended to crack down on the behavior of bank bosses is to be extended to 47,000 firms in the UK, including dentists, gyms and tool hire companies that offer credit to customers.
The Financial Conduct Authority estimated that the new regime would cost firms £550m, with up to £190m of ongoing costs for the firms involved.
The regime originally was intended to hold bank executives accountable when their firms collapsed. It requires certification each year, including five "conduct" rules: act with integrity, act with due care, skill and diligence, be open and cooperative with regulators, pay due regard to customer interests and treat them fairly, and observe proper standards of market conduct.