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Sunak Keeps Push for Powers to Overrule Financial Regulators

Rishi Sunak

Rishi Sunak

Photographer: Chris J. Ratcliffe/Bloomberg

UK Prime Minister Rishi Sunak is pushing ahead with plans to give ministers the power to overrule regulators in matters of “significant public interest,” despite vocal resistance from the City of London’s two top financial watchdogs.

The Treasury said Monday it will introduce the call-in power to the Financial Services and Markets Bill, the UK’s post-Brexit framework for banks, insurers and asset managers that has taken years to prepare and is now going through Parliament.