FCA defends request for 'unprecedented powers'

Statutory instruments to be enforced from 29 March

clock • 3 min read

How have regulators been preparing for Brexit?

The UK's key financial services regulators have defended their demands for "unprecedented" new powers, which they would use to "fix an emergency" in the event of a no-deal Brexit.  Last week, chief executive of the Financial Conduct Authority (FCA) Andrew Bailey, economic secretary to the Treasury John Glen and deputy governor of the Prudential Regulation Authority Sam Woods faced questions from chair of the Treasury Select Committee Nicky Morgan, who warned the regulators' demands could create a "democratic deficit". The regulators were defending the most influential of 53 statutory ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

CII calls for new approach to vulnerability data sharing

CII calls for new approach to vulnerability data sharing

Many firms displaying “excessive caution”

Jaskeet Briah
clock 25 June 2025 • 2 min read
IPT receipts hit £1.48bn in May 2025

IPT receipts hit £1.48bn in May 2025

Up £50m year-on-year

Jaskeet Briah
clock 20 June 2025 • 2 min read
Sarah Pritchard named FCA's deputy CEO

Sarah Pritchard named FCA's deputy CEO

Promoted to the newly created role

Jenna Brown
clock 11 June 2025 • 1 min read