Frontrunner in race for prime minister has talked of the government having a greater role in the operations of the financial sector’s three main regulators
Front-runner in race for prime minister has talked of the government having a greater role in the operations of the financial sector’s three main regulatorsConservative leadership candidate Liz Truss speaks at a hustings event, as part of the Conservative party leadership campaign, in Belfast, Northern Ireland, on August 17 2022.
BoE governor Andrew Bailey has said independent regulators are part of London’s standing as a global financial centre. The FCA, under CEO Nikhil Rathi, is undergoing an internal revamp after its botched handling of London Capital & Finance, an investment firm that collapsed, leaving taxpayers with the compensation bill.
The PSR, operational since 2015, is under pressure from MPs to resist moves by Visa and Mastercard to raise fees on users of their payment networks.Britain previously had one main financial regulator, the Financial Services Authority, which was scrapped after undercapitalised banks had to be bailed out by taxpayers in the 2007/2009 global financial crisis.
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