Regulator to review mechanism that allowed now collapsed bank to operate in UK without a licence
The head of the UK financial regulator has promised to consider imposing restrictions on a system that allowed the now collapsed bank Greensill Capital to operate in the UK without a licence.
Nikhil Rathi, the chief executive of the Financial Conduct Authority (FCA), told MPs that Greensill’s failure had led the regulator to look “much more closely at the systems of control that the principle has in place and potentially also plac[e] some restrictions on the scale of business that can be undertaken through this mechanism”.
