Regulation

FCA has ‘great concern’ over UK government powers to overrule City regulators

City firms have already expressed concerns about the threat to a model that allowed the watchdog to operate at arm's length from political interests

FCA chief executive Nikhil Rathi told the Treasury Committee that changes could "go to the fabric of our institutional framework"
FCA chief executive Nikhil Rathi told the Treasury Committee that changes could "go to the fabric of our institutional framework" Photo: Lionel Ng/Getty Images

Senior Financial Conduct Authority staff have said they still have "great concern" that new powers for the government to overrule the watchdog will harm its independence.

Appearing in front of the influential Treasury Committee of MPs, the market regulator's chief executive and chair raised several fears about a so-called call-in power that the government is looking to introduce, which would give politicians the right to make, amend or revoke regulatory decisions.

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