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City of London

UK Lawmakers Slam Government for ‘Sub-Optimal’ City Reform Plan

Rishi Sunak’s new government has signaled it will introduce the controversial call-in power, but in a letter to the committee Monday said it would be added to the bill later. — Rishi Sunak’s new government has signaled it will introduce the controversial call-in power, but in a letter to the committee Monday said it would be added to the bill later.
Photographer: Chris J. Ratcliffe/Bloomberg

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November 1, 2022, 4:07 PM UTC

A group of UK lawmakers has criticized the government’s approach to financial regulation reform, saying it risks sidelining parliamentary scrutiny.

The Treasury Committee said it was “sub-optimal” that it would not be given time to examine the latest plans to change the rules, which will hand ministers the power to overrule regulators. Rishi Sunak’s new government has signaled it will introduce the controversial call-in power, but in a letter to the committee Monday said it would be added to the bill later.