The City grandee who led the board of the Financial Conduct Authority has stepped up his criticism of a government plan to give ministers the power to override regulators’ decisions.
Writing in The Times today, Charles Randell, who stood down as chairman at the end of May after four years, says government “should leave the independent institutions which deliver financial regulation to do their job”.
Randell, 64, cautioned in May, just before he left, that the plans could create “a strong channel” for lobbyists from the financial services industry.
The government faces resistance from the Bank of England and the FCA over its proposal for a “public interest intervention power” in the Financial Services and Markets Bill, working its way through parliament. It has yet