FCA: Regulatory 'call-in' powers could put UK market's international reputation at risk

Richard Lloyd and Nikhil Rathi tell MPs

The UK’s international reputation as a financial services hub could be undermined if the government's proposed regulatory 'call-in' powers become law, the Financial Conduct Authority has said.

Last week, the government confirmed plans to push through with the Financial Services and Markets Bill, which will include a ‘call-in' power to potentially overrule the UK's financial regulators, such as the FCA or the Bank of England. While the amendment has been delayed, the government still intends to push forward with the plans at a later date. Speaking to the Treasury Select Committee yesterday (7 November), FCA interim chair Richard Lloyd told MPs that given the regulator's new post-Brexit extra powers, the proposals that the Treasury consulted on for more scrutiny and accountab...