FCA Impotence Over RBS Exposes Gap In Lending Regs
Law360, London (August 2, 2018, 10:20 PM BST) -- The inability of Britain's Financial Conduct Authority to punish the Royal Bank of Scotland over the bank's mistreatment of struggling small businesses in its controversial turnaround unit has underscored the need for an overhaul in how commercial lending is regulated in the country, experts say.
Lawyers say the FCA's inability to punish the Royal Bank of Scotland highlights the "patchwork quilt" nature of the regulatory regime in the U.K. (AP) Unlike consumer lending and the sale of investment products, commercial lending to small business borrowers is not a regulated activity. Four years ago, the FCA made an exception to its general...
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