Financial regulators have pushed back against an amendment to the draft Financial Services Bill that would give the government power to overrule regulators on matters of "significant public interest".
Speaking yesterday (28 October) at Mansion House, Sam Woods, chief executive of the Prudential Regulation Authority and Nikhil Rathi, CEO of the Financial Conduct Authority, cautioned against the measure, which the government still intends to push through with. Woods warned that the call-in policy would represent "a significant shift away from a model of independent regulation", adding that UK regulatory independence is "the basis for our international credibility". He concluded: "Some might think that such a power would boost competitiveness. My view is that through time it would do ...
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