"Nigel Farage could strip the City watchdog of its power to regulate the banking industry under a sweeping overhaul to undo changes made after the 2008 financial crisis if Reform UK was elected to government. The leader of the party at the top of opinion polls has said he wants to prepare for the potential for an early general election in 2027."
"A metals trader before entering politics, Farage has told allies that a Reform UK government would sweep away rules governing the City of London as a priority to boost economic growth, the Financial Times reported. This would include stripping the Financial Conduct Authority of its role in regulating banks, with control handed instead to the Bank of England. Nigel thinks the FCA is a disaster and banking regulation needs to go back to the Bank of England, a source close to Farage told the paper."
"Such a development would reverse changes introduced by the former Conservative chancellor George Osborne to strengthen consumer protection and increase financial stability after the worst banking crash of the postwar era. Under the Conservative-Liberal Democrat coalition, the Financial Services Authority was abolished and its powers to handle financial stability issues was handed to the Bank of England, while the FCA was created to oversee industry conduct and consumer protection."
Reform UK plans to strip the Financial Conduct Authority of its power to regulate banks and transfer that authority to the Bank of England, reversing post‑2008 reforms. The change would roll back measures introduced under George Osborne that split conduct and stability functions between the FCA and the Bank of England. The party frames the overhaul as a priority to boost economic growth and loosen City rules. The party has criticized major banks following a high‑profile debanking incident and proposes tax cuts and regulatory changes to bolster the cryptocurrency sector, including accepting donations in bitcoin.
Read at www.theguardian.com
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