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The Financial Conduct Authority (FCA) has got itself into one of its periodic lathers about the way in which banks secure business from corporate clients.
This time it is bothered about the awarding of equity mandates since the pandemic crisis took hold, and in particular whether they might have been explicitly tied to the provision of liquidity.
It is sufficiently worried to have penned a “Dear CEO” letter in late April that put banks on notice that it was looking into the issue.
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