Partner Michael Barnett examines the intersection between regulators and the Treasury in relation to the Financial Services and Markets Bill.
Michael’s comments were published in Law360, 18 October 2022, and can be read here.
“The Bill, amongst other things, extends the regulators’ objectives to include a competition objective and a competitiveness and growth objective; it also gives the Treasury powers not only to require regulators to carry out reviews of rules, but also to require regulators to make rules.
One must assume that in doing so the Treasury will have regard to those “secondary” objectives; as a result, while the regulators are given wider power to develop their regulatory rule framework, they will at the same time be answerable to a Treasury focused on achieving the Government’s growth plans. While the regulators are not required to act contrary to their primary objectives, that may nevertheless be a cause for concern.”
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