The UK’s financial regulator plans to beef up enforcement operations, in a broad crackdown on what it calls “problem firms” across financial services.
The Financial Conduct Authority said on Thursday it will add 80 staff to pursue businesses that do not meet basic regulatory standards in all sectors, as it laid out its strategy for the next three years. It will also draft new rules to cover crypto assets including stablecoins, which are backed with traditional assets.
Crypto groups have criticised the regulator for what they see as an overly restrictive approach, and the government this week laid out its own plans to make the UK a centre for digital finance. But the cautious stance from the regulator underlines its position that standards must not be compromised.