Market News
UK Mulls Merging Financial Regulators to Ease Barriers to Growth - BLOOMBERG
By Ailbhe Rea
- Business Secretary Jonathan Reynolds signals consolidation bid
- ‘Have we got the right number of regulators?’ he says
Business Secretary Jonathan Reynolds signaled that some of the UK’s financial regulators could be scrapped or merged as part of the Labour government’s drive to spur growth by cutting red tape.
Reynolds made the remarks on Thursday after announcing measures to make the Competition and Markets Authority — Britain’s antitrust watchdog — “less risk-adverse.” The business secretary also raised the possibility of a broader shake up to the UK’s regulatory framework, which relies on a patchwork of agencies to protect consumers and police financial institutions.
