Courts 1, FSA 2

The Financial Services Authority became the world’s most powerful financial regulator when it formally assumed its duties in 2001. But after four years of relative inactivity, people were starting to wonder whether it was more of a mouse than a man. The long-anticipated crackdown on market abuse had yielded no criminal convictions. And its investigation into miss-selling at Legal & General – the first major test of its powers – backfired terribly. The UK insurer fought back and exposed serious f...