The Financial Conduct Authority has warned of the consequences of parliament being able to “call in” regulatory decisions, joining an argument that has pitted the UK’s regulators against the government.

Speaking to the Treasury Committee yesterday (November 7), interim chairperson of the FCA Richard Lloyd said he had been clear with the government that the potential powers are of “great concern” to the regulator.

“Our reputation [is] as a country that is the best in the world in which to do financial services business, [and] that is clearly something we want to protect,” he said.

Lloyd said part of that reputation is down to the independence and effectiveness of regulators, and in his view, any change in that could risk the UK’s international competitiveness.

“The perception that comes with the ability of ministers to direct independent regulators will undermine our independence and we have been very clear with ministers that this is of great concern to us,” he said.

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