Treasury Committee urges expansion of FCA's powers

Expanding the 'regulatory perimeter'

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"The FCA must not in future be constrained, or feel constrained, from providing warnings on financial products that may cause consumer detriment," - Treasury Committee
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"The FCA must not in future be constrained, or feel constrained, from providing warnings on financial products that may cause consumer detriment," - Treasury Committee

The House of Commons Treasury Committee has urged HM Treasury to extend the remit and powers of the Financial Conduct Authority (FCA) in efforts to avoid potential harm in the future caused by unregulated SME lending, "mortgage prisoners", mini bond firms like London Capital and Finance, as well as crypto scams.

It follows frustration voiced by FCA chief executive Andrew Bailey and FCA chair Charles Randell about the extent of the so-called "regulatory perimeter", which determines what the regulator can an...

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