UK. Liz Truss eyes merger of regulators
Conservative party leadership candidate Liz Truss is eyeing up plans to merge three of the financial regulators, but advisers say her plans are destined to fail.
According to FTAdviser’s sister title The Financial Times, Truss will launch an immediate review of the roles and responsibilities of the regulators if she wins her party’s leadership election next month.
It could see the Financial Conduct Authority, the Prudential Regulation Authority and the Payments Systems Regulator rolled into one new body.
The Financial Conduct Authority is responsible for ensuring financial services professionals adhere to rules on issues of conduct, including charges and fees, the fair treatment of customers and advice suitability.
It has around 4,000 staff overseeing firms from financial advisers and pension providers to asset managers and large high street banks.
Read more @FT Adviser
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