STEPHEN CRANSTON: Finance’s twin guardians
When it comes to the age-old question of who guards the guards, in the Prudential Authority’s case it is nobody
It is inevitable, in the Twin Peaks regulatory structure, that one arm — the Financial Sector Conduct Authority (FSCA) — is the busier and noisier of the two outfits. It regulates market conduct, which can be an emotional issue, particularly where misselling is concerned. The other regulator, the Prudential Authority (PA), is far more low profile: it is concerned with the financial soundness of banks and insurers.