PRA (Prudential Regulatory Authority)

Regulator ‘asleep at the wheel’

Treasury, PRA and FSA background

Bailey took the helm at the FCA on 1 July

Butler oversaw scrapped banking review

Culture is 'of the utmost importance to financial regulators'

As part of productivity plan

Regulator wants early responses to prevent referrals

Takes over from Andrew Bailey

Advisers have broadly welcomed the incoming head of the Financial Conduct Authority's (FCA) shift away from the tough stance of his predecessor, but are wary it heralds a softening approach to wrongdoers.