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The Turner Review (2009) outlined the FSA’s historic approach to regulation as o

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The Turner Review (2009) outlined the FSA’s historic approach to regulation as one where
the primary responsibility with risk management fell on the company. However, the later approach by the FSA – and its descendent bodies the FCA and PRA – became more rules based and interventionist.
Critically consider whether such a move to a more rules based and interventionist regulatory strategy is desirable

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