![]() The FCA's acting chair Richard Lloyd told lawmakers that even if the ministry used the power sparingly, it would be seen as undermining the watchdog's independence and hit the international competitiveness of UK financial markets. The finance ministry has said it wants to give itself the power under a draft financial services law now before parliament to force regulators to scrap or amend a rule if it is in the public interest to do so.įinancial services minister Andrew Griffith has yet to set out the wording of this new power, but last week signalled a delay in putting it forward.įinancial Conduct Authority CEO Nikhil Rathi told parliament's Treasury Select Committee that in areas like enforcement, it would be a "very big departure for there to be political rulemaking". LONDON, Nov 7 (Reuters) - Financial regulators warned Britain's government on Monday against "political rulemaking" which would damage the City's global competitiveness and reputation for independent oversight of markets.
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