The U.K.'s new regulatory structure must carry forward the Financial Services Authority's tougher regulatory philosophy, which is "outcomes-based," Hector Sants, the FSA's chief executive, said Thursday.
"Achieving these goals will be a challenge, particularly since we are likely to be making these changes against the backdrop of a continued fragile marketplace," Mr. Sants said at the FSA's annual public meeting.
Mr. Sants' comments come the week after the government announced a regulatory-reform program that will effectively abolish the FSA by 2012.
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