Political intervention would undermine City regulators, says FCA
by Joanna Partridge and Graeme Wearden from World news | The Guardian on (#65JCW)
Watchdog tells MPs plans to allow ministers to amend regulations would dent UK's reputation
The bosses of the UK's City watchdog have said that its independence and international reputation could be undermined if ministers introduce controversial call-in powers" allowing them to intervene in financial regulation.
Richard Lloyd, interim chair of the Financial Conduct Authority (FCA), told parliament's Treasury committee: Even if it is used very sparingly ... the perception that comes with the ability of ministers to direct independent regulators clearly will go to undermining our independence.
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