Liz Truss, frontrunner to be the next prime minister, is set to immediately review the roles and responsibilities of the City of London’s top regulators if she wins, campaign insiders told the Financial Times.
Truss, who is reportedly privately critical of the Financial Conduct Authority, is weighing up plans to merge the regulator with the Prudential Regulation Authority, which sits within the Bank of England, and the Payments Systems Regulator into a new body. A well-placed financial services executive told the Financial Times that the foreign secretary, who is currently 32 points ahead of Rishi Sunak in the latest Conservative party members poll, wants to overhaul financial regulation as part of "a wider war on technocrats" and civil servants. Truss's leadership campaign declined to comm...
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