The article rightly cites that the UK regular, the Financial Conduct Authority (FCA), has far weaker powers than its US cousin the much feared Securities and Exchange Commission (SEC). The FCA is the renamed Financial Services Authority (FSA). The FSA was caught napping in ahead of the 2008 financial crisis, with ineffective banking regulation. Also the FSA presided over the Equitable Life collapse.
Let me ask an open question:
Do you think that the UK’s Financial Services Authority provides effective control and deterrent over the UK’s financial services sector?