Kitco News’ Daniela Cambone speaks with Don Groves of the Financial Conduct Authority (FCA) about regulation in the financial markets. The FCA was formed in April as a successor to the Financial Services Authority (FSA) to regulate financial firms in the UK. “Right now, the benchmark that are covered under legislation, only one, is LIBOR,” Groves says. “But the door is open for other things to be added in the future, one of which may be bullion.” With regards to consumer confidence, Groves says that the FCA is focused mainly on conduct of financial service companies and also on more consumer issues than in the past. Groves ends the interview with a simple message: “There could be a financial regulator at a desk near you very soon.” Tune in now for the latest LBMA coverage. Kitco News, October 2, 2013.
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