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UK firms unsettled over post-Brexit powers for City watchdogs: ‘Regulators are going to end up with a huge amount of power’

Parliament might not have capacity to scrutinise regulators say market participants

The government’s new proposal would see regulators such as the FCA and PRA take over determining ‘direct regulatory requirements’ that were previously set by the EU
The government’s new proposal would see regulators such as the FCA and PRA take over determining ‘direct regulatory requirements’ that were previously set by the EU Photo: Mike Kemp/Getty Images

Large firms and organisations representing the UK’s financial services sector are baulking at the proposed scope of regulator responsibility under plans to shift the landscape following the UK's split from the European Union.

Their concerns centre on accountability and oversight of regulators, whose powers are set to widen under proposals set out in the Future Regulatory Framework Review.

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