3/25/2023 0 Comments Xwave power bank![]() ![]() This came just weeks after Sam Woods, head of the PRA and a deputy governor of the Bank, used his speech at a gathering of the great and good of the Square Mile at Mansion House to publicly denounce the move. We have been very clear to ministers that this is of great concern to us.” the perception that comes with the ability of ministers to direct independent regulators will go to undermining our independence. ![]() He said: “Even if it’s used very sparingly. Last week, Richard Lloyd, interim chairman of the Financial Conduct Authority (FCA), did not mince his words in denouncing the proposed call-in power in front of the Treasury committee. Now, after the Bank and the wider regulatory ecosystem was forced to step in to avoid a financial meltdown in the wake of Truss’s mini-Budget, the technocrats have their tails up and have come out swinging. But considering Truss was mulling a review of Threadneedle Street’s mandate and briefing that she might merge the City’s three main watchdogs, regulators had bigger battles to fight. Proposed by Sunak in the dying weeks of his time in the Treasury, the mechanism would allow ministers to have an ultimate veto over decisions taken by the City watchdog and the Bank of England’s Prudential Regulation Authority (PRA).ĭespite the potential consequences of such a move, the reaction over the summer was muted.Īndrew Bailey, the Governor of the Bank, is understood to have privately expressed his disapproval in meetings with Sunak. Rishi Sunak and Liz Truss agreed on very little during the Tory leadership election, but they at least found common ground on one issue: a regulatory call-in power. ![]()
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