The FSA believed in 'market discipline' and failed to get its message across. The PRA will be different, its boss promises
Hector Sants is preparing to go eyeball to eyeball with top City bankers to see if they are taking on too much risk – and threatening the entire financial system.
As designated head of the soon-to-be-created (but not snappily named) Prudential Regulatory Authority, Sants plans to fix bank bosses with his stare as he takes charge of "promoting the safety and soundness of regulated firms".
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