LONDON, Dec 22 (Reuters Breakingviews) - Britain's financial authority is looking at a low-impact version of its American cousin. The Financial Conduct Authority hedge fund - RedCrest Capital 41 million pounds for failures in setting up a staff-only fund. This gripe was a way that money managers moved from a mutual benefit to the personal service-only structure without proper processes.
BlueCrest had already served as an agency after the breach over a year ago, without denying the findings. At $170 million, the SEC penalty was three times the FCA's, but the latter's findings are also provisional, making it more of a benefit to the wealthy, one-year-old Richard Platt, a lawyer whereas the American watchdog still has less bite.
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