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Proposed UK financial regulation intervention power is a threat, BOE chief Bailey says

By Fiona Maxwell ( November 16, 2022, 17:02 GMT | Insight) -- A proposed power allowing the UK government to overrule financial regulators is a danger to independence, Bank of England Governor Andrew Bailey told lawmakers today. He said putting a "call-in" power into the draft Financial Services and Markets Bill could be especially damaging as the country's reputation is damaged internationally after recent financial turmoil driven by uncosted plans to cut taxes, since reversed. Andrew Bailey has become the latest senior UK regulatory official to warn against government plans to introduce a "call-in" power into the draft Financial Services and Markets Bill, cautioning that they could be a danger to independence....

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