Treasury Committee raises further concerns over lack of government respect for regulators

Questioning Andrew Griffith

Elliot Gulliver-Needham
clock • 2 min read

Andrew Griffith, financial services and city minister, 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 Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week