City Of London
UK Scraps Plan for Controversial Power to Overrule Regulators
- Government says it’s committed to independence of regulators
- U-turn comes after deal with regulator on insurance capital
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The UK scrapped a controversial plan to give itself an intervention power over financial regulators, saying it already has the necessary authority to slash red tape and boost competitiveness of the financial services sector.
City minister Andrew Griffith said in a statement the government had decided not to proceed with plans to insert a so-called call-in power into the Financial Services and Markets bill, which is going through Parliament.