Government abandons plans for intervention in financial regulation

Regulatory Updates | 29/11/22

As had been widely reported, the Government was looking to introduce intervention powers in the Financial Services and Markets Bill, allowing them to intervene with the Bank of England and the FCA in financial services regulation. Economic Secretary, Andrew Griffiths, has now written to the Chair of the Treasury Select Committee explaining that the Government will not proceed with the controversial proposals now but will keep the matter under review.

Source: UK Parliament