Rishi Sunak’s new government has signaled it will introduce the controversial call-in power, but in a letter to the committee Monday said it would be added to the bill later
A group of UK lawmakers has criticized the government’s approach to
financial regulation reform, saying it risks sidelining parliamentary
scrutiny.
The Treasury Committee said it was “sub-optimal” that it
would not be given time to examine the latest plans to change the
rules, which will hand ministers the power to overrule regulators. Rishi
Sunak’s new government has signaled
it will introduce the controversial call-in power, but in a letter to
the committee Monday said it would be added to the bill later.
“Scrutiny of such a proposed power, and the
circumstances in which it could be used, is vital to avoiding adverse
consequences,” Angela Eagle, who chairs the body, wrote in a letter
Tuesday to Andrew Griffith, the economic secretary to the Treasury. “If
it was the government’s intention to acquire such a power it should have
included it in the bill at its introduction.”
The
power “will enable the Treasury to direct a regulator to make, amend or
revoke rules where there are matters of significant public interest,”
the finance ministry said in a statement Monday.
The
bosses of the Prudential Regulatory Authority and Financial Conduct
Authority have warned the government not to undermine their independence
with this power. The precise details of the government’s plans remain
under wraps and could still be watered down. ...
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