Stephen Cranston Associate editor

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.

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