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UK Power to Overrule Regulators Concerning, BOE’s Cunliffe Says


Oct. 19, 2022, 1:55 PM

The introduction of a new power giving ministers the right to block or change the actions of regulators would be concerning, according to the Bank of England official responsible for financial stability.

Adding a “call-in” power to the UK’s financial services and market bill could undermine regulators’ independence and hit the industry’s international competitiveness, Jon Cunliffe, deputy governor of the central bank, said to lawmakers scrutinizing the draft legislation.

He also said Brexit has given the UK the opportunity to redraft its laws to create a more “nimble and flexible” regime, including rules for crypto assets. The central bank …



Read More: UK Power to Overrule Regulators Concerning, BOE’s Cunliffe Says

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