Regulator wants to name those under investigation earlier; Government’s relationship with regulators declined post-Brexit
The latest Westminster broadside against the Financial Conduct Authority is the kind of overt interference that would once have been unthinkable. It underlines a growing gap between regulators and a government trying to unshackle a post-Brexit City of London.
Jeremy Hunt’s decision to criticize the watchdog’s plans to name firms it’s investigating at an early stage adds to concerns among regulators that politics is overtaking policy.
The chancellor’s intervention this week comes shortly after UK Business Secretary Kemi Badenoch criticized plans to force financial firms to publish gender and ethnicity data. In 2022, the FCA — and the Bank of England’s Prudential Regulation Authority — fought off a proposal that would have granted the Treasury an overule power.
The Conservative government and its regulators have been increasingly out of step since Brexit. Expectations that the exit from the European Union would unleash a wave of regulatory changes that would unleash growth have proven unfounded. There’s frustration in Westminster at the FCA’s perceived intransigence and bemusement among regulators about sometimes contradictory political pressures...
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