Mr Riseley said the regulator would instead focus on quality of service through measuring performance.

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Many of the reports on the exchange also focus on how it has lagged as a regulator, as the NYSE is famously a self-regulating organization.

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Some of the problems the regulator sees with audits are a lack of auditor professional skepticism and an inappropriate focus on building and maintaining the client relationship with the company management rather than on performing a public duty for shareholders.

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Consumer Focus said mis-selling had been a persistent problem in the energy industry, and urged the regulator to tackle the issue "head on".

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The new regulator is likely to be the toughest in Washington and non-bank financials look to be a big focus for the CFPB.

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