Labour and Conservatives put FCA under pressure over excessive regulation – reports

Following ‘name and shame’ criticism

The Labour and Conservative parties have jointly raised concerns over the Financial Conduct Authority’s excessive regulation and its potential impact on bolstering competitiveness.

Chancellor Jeremy Hunt recently called on the regulator to rethink its plans to ‘name and shame' companies under investigation, in a rare regulatory intervention from a chancellor. At the same time, shadow City minister Tulip Siddiq told the FT that Labour plans to create a Regulatory Innovation Office (RIO) to "improve accountability and promote innovation in regulation cross sectors". More specifically, she said a push on the FCA to "tear down barriers to competitiveness and growth", would be part of Labour's plans, if elected at the upcoming General Election. FCA's Ashley Alder:...