Q&A: Prevention trumps prosecution, says UK's retail banking overseer

FCA aims to act early to prevent misconduct

Karina McTeague FCA
Karina McTeague, FCA

Financial firms that act in a transparent manner with the UK's Financial Conduct Authority (FCA) and report concerns early can expect more leniency in case of violations, as the regulator is much keener to prevent wrongdoing than to punish it.

This is the message from Karina McTeague, the FCA's director of retail banking supervision since November 2013, who outlined to Risk.net how the watchdog uses its powers and how firms should work with it. While global banking supervisors are debating the

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