FCA defends request for 'unprecedented powers'

Statutory instruments to be enforced from 29 March

clock • 3 min read

The UK's key financial services regulators have defended their demands for "unprecedented" new powers, which they would use to "fix an emergency" in the event of a no-deal Brexit.

Last week, chief executive of the Financial Conduct Authority (FCA) Andrew Bailey, economic secretary to the Treasury John Glen and deputy governor of the Prudential Regulation Authority Sam Woods faced questions from chair of the Treasury Select Committee Nicky Morgan, who warned the regulators' demands could create a "democratic deficit". The regulators were defending the most influential of 53 statutory instruments (SIs) to be enforced from 29 March in the event the UK leaves the EU without a deal. FCA to have 'unprecedented powers' after Brexit Specifically, the Select committe...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read