Government U-turns on 'call in' power due to be included in FSM Bill

'Committed to the operational independence' of the regulators

clock • 1 min read

The government has backed down on plans for a controversial ‘call in’ power that would have allowed it to intervene in financial regulation at will.

In a statement released last night, Treasury economic secretary Andrew Griffith said: "The government has decided not to proceed with the intervention power at this time." The measure was due to be included as an amendment to the Financial Services and Markets Bill (FSM Bill) currently making its way through Parliament. It would have given the Government the power to veto financial regulations deemed not to be encouraging the competitiveness of the UK financial services sector post-Brexit. But a statement from the Treasury said: "Having consulted further, we are of the view that th...

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