Regulators warn Sunak off jeopardising independence
The UK’s most powerful financial regulators have warned Rishi Sunak’s fledgling government against introducing a political veto that would jeopardise their independence or any other legislative changes that would undermine regulatory standards post-Brexit.
Sam Woods, chief executive of the Prudential Regulation Authority and Nikhil Rathi, head of the Financial Conduct Authority, delivered the warnings at the annual Mansion House gathering of City leaders on Thursday.
Overhauling financial regulation has been a key priority of ministers after Brexit, most controversially through provisions to introduce a ‘call in’ power that would allow politicians to over-rule regulator’s decisions, in limited circumstances.
This story originally appeared on: Financial Times - Author:Laura Noonan
