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Government plans to beef up oversight of City watchdogs

City AM logo City AM 09/11/2021 Jack Barnett
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The government is set to beef up its oversight of the City’s watchdogs under a fresh set of rules shaping the UK’s financial services industry.

Under the new regime, the Financial Conduct Authority and the Prudential Regulation Authority, the UK’s two financial regulators, will have to conduct a sweeping review of their rules if the Treasury asks them to do so.

In a fresh consultation launched today setting out the roadmap for the UK’s new financial services regulatory regime after Brexit, the Treasury is set to gain new powers allowing it to force the FCA and the PRA to scrutinise their rules if the government believes the current regime is not “in the public interest”.


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Currently, “there is no formal mechanism for HM Treasury, or anyone else, to require the regulators to conduct reviews of their existing rules,” the consultation document said.

Chancellor Rishi Sunak said the “proposals will support the future strength of the UK as a global financial centre, ensuring an agile and dynamic approach to regulation that supports the growth of the UK economy, without diverging from our continued commitment to high international standards.”

“One important part of that vision is ensuring, as an independent nation, that we have a coherent, agile and internationally-respected approach to financial services regulation that is right for the UK,” he added.

The post Government plans to beef up oversight of City watchdogs in regulatory shake up appeared first on CityAM.

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