A U.K. parliamentary committee has challenged the Financial Conduct Authority to be "radically different" from the Financial Services Authority. The FCA, which will take over as early as April, will be led by John Griffith-Jones, formerly KPMG's U.K. head. While some lawmakers are nervous about his lack of experience, they also praise his appointment as "part of a welcome and much-needed fundamental shake-up of regulation."

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Bloomberg, Reuters

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