By Alisha Houlihan for AMLi
The UK’s Financial Conduct Authority has announced it would use “new powers” to swiftly cancel or change the regulatory permissions of firms that fail to comply with regulations.
The FCA will now provide firms with two warnings if they believe it is not using its regulatory permission, with the watchdog now permitted to cancel the permission or change it, 28 days after the first warning was issued if the firm has not taken appropriate action.
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