UK lawmakers want powers for watchdog to police market perimeter

FILE PHOTO: Hot air balloons fly over Canary Wharf during the Lord Mayor's Hot Air Balloon Regatta, in London, Britain June 9, 2019. REUTERS/Simon Dawson/File Photo

The bulk of Britain’s financial regulation comes from the European Union, making it tricky for Britain to make fundamental changes, but the country is due to leave the bloc at the end of October, creating an opportunity for reform. The collapse of London Capital & Finance, an investment firm that sold unregulated “mini bonds”, and consumers putting money into unregulated cryptoassets, has prompted lawmakers to call for speedier changes in how the regulatory “perimeter” is set over time.

“The FCA should be given the remit to highlight the potential risks to consumers of an unregulated activity.”

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