FCA: Regulatory 'call-in' powers could risk UK's international reputation

Richard Lloyd and Nikhil Rathi tell MPs

Valeria Martinez
clock • 3 min read

The UK’s international reputation as a financial services hub could be undermined if the government's proposed regulatory 'call-in' powers become law, the Financial Conduct Authority (FCA) has said.

Last week, the government confirmed plans to push through with the Financial Services and Markets Bill, which will include a ‘call-in' power to potentially overrule the UK's financial regulators, such as the FCA or the Bank of England. While the amendment has been delayed, the government still intends to push forward with the plans at a later date. Speaking to the Treasury Select Committee yesterday (7 November), FCA interim chair Richard Lloyd told MPs that given the regulator's new post-Brexit extra powers, the proposals that the Treasury consulted on for more scrutiny and accountab...

To continue reading this article...

Join Professional Adviser

  • 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

Industry concerned FCA 'prefers' BSPS victims are 'undercompensated'

Industry concerned FCA 'prefers' BSPS victims are 'undercompensated'

Advisers react to FCA’s final BSPS compensation scheme

Ayesha Venkataraman
clock 02 December 2022 • 5 min read
'No change here': Advisers react to FCA's simplified advice regime

'No change here': Advisers react to FCA's simplified advice regime

Regulator's strategy aiming to make advice more accessible

Ayesha Venkataraman
clock 30 November 2022 • 3 min read
FSCS declares two firms in default over pension investment claims

FSCS declares two firms in default over pension investment claims

The FSCS received a single valid claim each for pensions investment advice

Ayesha Venkataraman
clock 29 November 2022 • 1 min read