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City must end era of ‘powerful and underperforming’ quangos’, MPs warn
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fnlondon.comUK regulators are suffering from a "democratic deficit" which is holding back growth, according to a new report from a high-profile group of MPs.
The Regulatory Reform Group, chaired by former HSBC executive and Freshfields Bruckhaus Deringer lawyer Bim Afolami, has said that “unaccountable regulators are directly hindering the UK’s growth prospects" as it calls for City watchdogs like the Financial Conduct Authority to be more accountable to lawmakers after taking on more powers post-Brexit.
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