FCA Needs Greater Powers To Update Supervision, MPs Say
Law360, London (August 2, 2019, 12:05 AM BST) -- A parliamentary committee recommended on Friday that the Financial Conduct Authority should be allowed to ask the government to amend its regulatory scope, saying after taking evidence that the watchdog has struggled to protect consumers from companies offering unregulated investments.
The Treasury Committee said government should hand the City regulator formal powers so it can approach HM Treasury and "formally recommend" changes to the limit of what it can regulate. The Treasury is responsible for setting the FCA’s regulatory scope, but the watchdog has no formal power to request changes, even after it decides that consumers are being harmed.
The committee warned...
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