Government backs down from regulator override powers

24 November 2022

The government has confirmed that it will no longer plan to introduce intervention powers that would allow ministers to overrule regulator decisions. These powers would have affected the Bank of England and the Financial Conduct Authority.

City Minister, Andrew Griffith, stated:

“Having consulted further we are of the view that the existing provisions in the bill are currently sufficient” and “We remain committed to the operational independence of the financial services regulators.”

The Bank of England chair, Andrew Bailey, was critical of the plans, warning that the plans risked damaging the reputation and independence of the regulatory bodies involved.

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