The Financial Conduct Authority (FCA) has announced a new strategy to shut down “problem firms” that do not meet basic regulatory standards. Bosses at the regulator said they are concerned that the cost-of-living crisis could see households turn to lenders in greater numbers to manage their finances. The three-year plan will see 80 new staff work to crack down faster on potential fraud and poor treatment of consumers. They will also publish outcomes and performance targets to allow for greater accountability, the FCA added. The regulator said: “A key focus of the strategy is shutting down problem firms, which do not meet basic regulatory standards. “The FCA is recruiting 80 employees to work on the initiative, which will protect consumers from potential fraud, poor treatment and create a better market.” The strategy builds on activities launched last July, when FCA boss Nikhil Rathi committed the regulator to become more innovative, …