FSA's new target may be too high a price
The regulator's attempted fine of the former chief executive of UBS’s wealth management division – which was overturned last week – shows the regulator has been seeking to target individuals of significant influence; but this approach may have unwanted consequences
The Financial Services Authority has for a number of years been seeking to enforce its regulations by targeting senior management for failings within a regulated firm.
This approach, which has been carried out in addition to - and sometimes even instead of - targeting the firm itself, has some logic.
