FCA defends request for 'unprecedented powers'

Statutory instruments to be enforced from 29 March

The UK's key financial services regulators have defended their demands for "unprecedented" new powers, which they would use to "fix an emergency" in the event of a no-deal Brexit.

Last week, chief executive of the Financial Conduct Authority (FCA) Andrew Bailey, economic secretary to the Treasury John Glen and deputy governor of the Prudential Regulation Authority Sam Woods faced questions from chair of the Treasury Select Committee Nicky Morgan, who warned the regulators' demands could create a "democratic deficit". Brexit Blog: Barclays to move £166bn to Dublin amid Brexit fears The regulators were defending the most influential of 53 statutory instruments (SIs) to be enforced from 29 March in the event the UK leaves the EU without a deal. Specifically, th...