Four months into the job, the UK's chief conduct regulator has sought to clarify the organisation's "mission", after a series of mistakes dogged the early years of the Financial Conduct Authority (FCA).

Andrew Bailey, who became FCA chief executive in July, said the watchdog has limited resources and so has to be clear on its priorities. He also noted the global study of the "principles and theory" of conduct regulation is at an early stage, leaving authorities to figure out their own approach.