Lords warns financial services bill could weaken regulators' accountability

Financial Services Regulation Committee chair Sheila Noakes told investment minister Jason Stockwood that clause 17 of the bill would render her committee's work "ineffective", in a letter today (18 June). Noakes explained that the clause "eliminated" the requirement for the Prudential Regulation Authority and Financial Conduct Authority to "have regard" to the regulatory principles in section 3B of the Financial Services and Markets Act (FSMA) 2000. The clause explicitly removes the requirement for financial regulators to show how they have had regard to those regulatory principles w...