Bye bye FSA, hello FCA

The FSA officially ceased to exist today, replaced by a new regulator – the Financial Conduct Authority (FCA). And already the new boss in the City has picked up a handful of funky powers to go with the new stationery.

Not only that. The FCA is proving to be a winner for a clutch of firms that until now have been unable to break the monopoly of the big four accountancy firms on the advisory roster for bank investigations.

Clifford Chance, Hogan Lovells and DLA Piper are among those celebrating a panel place today along with Ashurst, Macfarlanes and Eversheds.

All can claim to have a chunk of banking clients, but these are now also the experts that will be called upon to undertake investigations at banks.

Very nice work if you can get it.

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