FSA reveals powers of 'superior' PRA

Industry figures warned the Treasury Select Committee (TCS) in October that poorly-defined roles for the two bodies could lead to "turf wars" between regulators - and that the PRA would need to be a "superior" body for the system to function efficiently. The report, jointly produced with the Bank of England, sets out the PRA's power of veto in cases where firms are dual-regulated. "The PRA may direct the FCA not to exercise a power or not to exercise it in a specified manner if the PRA believes that would threaten the stability of the UK financial system, or result in the failure of a...