Government U-turns on regulation call in power

Statement from the Treasury

The government has backed down on plans for a controversial ‘call in’ power that would have allowed it to intervene in financial regulation at will.

In a statement released last night, economic secretary to the Treasury Andrew Griffith said: "The government has decided not to proceed with the intervention power at this time." The measure was due to be included as an amendment to the Financial Services and Markets Bill currently making its way through Parliament. It would have given the Government the power to veto financial regulations deemed not to be encouraging the competitiveness of the UK financial services sector post-Brexit. FCA: Regulatory 'call-in' powers could put UK market's international reputation at risk But a ...