Liz Truss Weighing Plan To Merge Financial Regulators Reports Say Regulatory Authorities
The front-runner in the Conservative leadership race is said to be preparing for a review of the responsibilities of financial regulators if she succeeds in defeating her rival Rishi Sunak, the Financial Times reported, citing campaign insiders. This could mean merging the Financial Conduct Authority (FCA), which is broadly responsible for overseeing company behavior and protecting consumers’ financial interests, with the Prudential Regulation Authority (PRA), which is part of the Bank of England and is responsible for ensuring banks and insurance companies are financially sound and do not pose a risk to the wider economy....