MPs raise concerns over lack of government respect for regulators

Griffith said the current regulatory structure would remain

Elliot Gulliver-Needham
clock • 2 min read

Financial services and city minister Andrew Griffith has said that the government respects independent financial regulators, despite concerns over new government legislation introduced to give ministers power to influence regulation.

Discussing the draft Financial Services and Markets bill before the Treasury Committee yesterday (11 October), Griffith said that while the government has the "greatest respect for our independent regulators", saying it was necessary to have a "safety valve". Griffith, who started in the role a month ago, defended the proposals for ministers to be able to overrule regulators on matters of "significant public interest", giving the example of regulators being unable to cope with questions of how genetic testing could influence the insurance market. However, when pressed by MPs, he was u...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA revokes passported Irish firm's temporary permissions

FCA revokes passported Irish firm's temporary permissions

Wellington Court Financial Services cannot carry out regulated activity

Isabel Baxter
clock 09 October 2023 • 1 min read
FCA cancels permissions of Hove firm Albany Financial Consultants

FCA cancels permissions of Hove firm Albany Financial Consultants

Cancellation of Part 4A permissions enacted with immediate affect

Hope William-Smith
clock 01 September 2023 • 1 min read
Labour branded 'short-sighted' for vowing to battle lifetime allowance

Labour branded 'short-sighted' for vowing to battle lifetime allowance

Consultancy says attention on pensions is better spent elsewhere

Jonathan Stapleton
clock 13 April 2023 • 1 min read