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UK Drops Plan for Controversial Power to Overrule Regulators (1)

Nov. 24, 2022, 8:09 AM

The UK scrapped a controversial plan to give itself an intervention power over financial regulators, saying it already has the necessary authority to slash red tape and boost competitiveness of the financial services sector.

City minister Andrew Griffith said in a statement the government had decided not to proceed with plans to insert a so-called call-in power into the Financial Services and Markets bill, which is going through Parliament.

UK Leaves City of London Grasping for Clarity on Overrule Power

“The existing provisions in the bill are currently sufficient and will already allow us to seize the opportunities of Brexit ...