UK regulators are suffering from a "democratic deficit" that is holding back growth, according to a new report from a high-profile group of MPs.

The Regulatory Reform Group, chaired by former HSBC executive and Freshfields Bruckhaus Deringer lawyer Bim Afolami, has said that “unaccountable regulators are directly hindering the UK’s growth prospects" as it calls for City watchdogs such as the Financial Conduct Authority to be more accountable to lawmakers after taking on more powers post-Brexit.