A planned amendment that would allow the government to put pressure on the Financial Conduct Authority to change rules it does not like has been postponed after pressure from MPs.
The so-called regulatory ‘call in' power amendment would enable the Treasury to "direct a regulator to make, amend or revoke rules". It was referred to in the Financial Services and Markets Bill, which is currently passing through the Commons, and trailed by Ministers, but no details of what it would entail have been shared with Parliament or regulators, a fact that has angered MPs on the Treasury Committee. Under scrutiny from the Treasury Committee, the government had planned to formally add the call in power as an amendment to the bill. But in a letter to the committee on 31 Octob...
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