U.K. Replaces ’Failed’ FSA With Prudential Regulatory Authority

U.K. Replaces ’Failed’ FSA With Prudential Regulatory Authority

Simon Dawson/Bloomberg

The FSA, the brainchild of then-Chancellor of the Exchequer Gordon Brown, was created in 1997 after scandals in the 1990s such as fraud cases at Barings Plc and Bank of Credit & Commerce International dented confidence in London’s finance industry.