Business intermediaries, which include banks, insurance companies, brokers and companies that manage the investment of money, have been the targets of a wide-ranging investigation by the Financial Conduct Authority (FCA) into whether they broke the law by providing financial services to intermediaries in the financial crisis.
However, the regulator said there is no evidence of wrongdoing and no charges have been brought.
The regulator, in a statement on Thursday, said it is “committed to investigating and taking all necessary measures to ensure that the rights and responsibilities of our business and its clients are safeguarded”.
The regulator said it has begun a review of the regulatory framework and will present its findings to the regulator in the coming weeks.
The Financial Services Authority (FSA), which regulates the banking industry, has asked the FSA to review the regulatory oversight of the banking services sector and examine the impact of the investigation.
“The FSA will be conducting a review and, where appropriate, any recommendations to the FSA, including regulatory changes, should be shared with the Commission and the public,” a spokesperson said in a blogpost.
Al Jazeera and wire services