Gov't Rejects Plans To Hand FCA More Powers

Law360, London (October 10, 2019, 4:35 PM BST) -- The U.K. government rejected calls Thursday to hand the Financial Conduct Authority new powers to expand its regulatory net despite investors losing millions through risky unregulated products in recent months.

The influential Treasury Committee has said that the City watchdog needs new powers to formally recommend extending its remit to include unregulated parts of the market, after the collapse of London Capital & Finance PLC left investors in so-called minibonds facing an uphill battle to recoup losses.

HM Treasury is responsible for establishing which activities are regulated and which are not and the FCA has no formal power to request that...

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