BoE did not trade Solvency II for removal of call-in powers

Governor Andrew Bailey has said that they were not connected

Eve Maddock-Jones
clock • 4 min read

Bank of England (BoE) governor Andrew Bailey stated the central bank did not make a deal with the government to remove the highly debated ‘call-in’ powers in exchange for Solvency II.

Speaking at a Treasury Select Committee alongside several central bank colleagues yesterday (16 January), Bailey was grilled over its latest Financial Stability Report, issued in December 2022. The committee asked Bailey about various reforms being proposed, including the now dismissed call-in powers. The government backed down on its plans for a controversial power back in November that would have allowed it to intervene in financial regulation at will. Bailey and other major City figures were openly against the deal, something the governor acknowledged during the questioning. One...

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 Economics / Markets

More than half of IFAs feel negative about a potential Labour govt

More than half of IFAs feel negative about a potential Labour govt

Advisers favour Conservatives when it comes to their clients and business

Isabel Baxter
clock 09 May 2024 • 2 min read
Elections and advice: Planning in political and legislative uncertainty

Elections and advice: Planning in political and legislative uncertainty

‘It should not be based on speculation, always plan on current legislation’

Isabel Baxter
clock 08 May 2024 • 3 min read
'Discussion-worthy stuff': Chinese assets under pressure

'Discussion-worthy stuff': Chinese assets under pressure

China has an 18% share of global GDP and only a 3% MSCI ACWI weighting

Chris Justham
clock 02 April 2024 • 2 min read