FCA to have 'unprecedented powers' after Brexit

The SIs, which amount to "unprecedented powers", according to chair of the Treasury Select Committee Nicky Morgan, would see the FCA and PRA endowed with discretionary power over regulation for up to two years, without the normal scrutiny of Parliament. According to UK regulators, the powers give them the ability to overcome the regulatory hurdles associated with a no-deal Brexit whereby the UK leaves the EU without a withdrawal agreement. On Friday (1 February), the FCA explained the new powers would give it the ability to delay or phase in changes to regulatory requirements made und...