Last year's promised changes to regulation - which have long been going on in the background - gripped financial services publicly.
Pre-crisis light-touch rule-making is dead (for IFAs at least), and the break up of the FSA is now well underway. Those in the industry who cheered news of the regulator's demise may have realised in 2011 their jubilation was premature. This year brought a vision of the more intrusive and pre-emptive regulation of financial advice which will be the trademark of the Financial Conduct Authority, as the FSA began flexing the new powers of its successor. In 2011 the FSA broke a number of records in the fines it used to punish firms it found transgressing the rules. For the first tim...
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