Treasury select committee chairman Andrew Tyrie has challenged the Treasury's power to block public inquiries in cases of financial or regulatory failure, arguing it presented a "clear conflict of interest".
In a letter to Chancellor Philip Hammond, Tyrie (pictured) criticised the Treasury's ability to block public reviews in the financial services industry, even if demanded by the regulator or the Treasury Committee. The Financial Services Act 2012 created the power for either the Treasury or the regulators to commission reviews in cases of future financial or regulatory failure. At the same time it gave the Treasury the power to block such reviews if it chose to do so. This, Tyrie argued, made the legislation "defective". He wrote: "The power could prevent legitimate scrutiny of govern...
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