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UK Leaves City of London Grasping for Clarity on Overrule Power

Nov. 11, 2022, 6:30 PM

The UK government is rushing to outline a proposed power to overrule the City of London’s financial regulators, as it tries to avoid accusations that the move is an attack on their independence.

The power is due to be added to the government’s financial services and markets bill, but the Treasury has so far not revealed any details. Andrew Griffith, the City minister, last week said it would take longer than expected.

The government could water down the proposed power, which has become a controversial topic in the past few months, according to several legal and financial experts with ...