UK’s prime minister first runner would review 3 financial regulatory – source

Liz Truss the prime candidate to become Britain’s next prime minister wants to examine the roles of the country’s three financial regulators as part of a review, sources told Reuters on Thursday.

These regulators may include the role of the Financial Conduct Authority (FCA), the Bank of England’s Prudential Regulation Authority (PRA), and the Payment Systems Regulator (PSR).

The source said that there is no decisions have been made on the future of regulators, adding “She’s clear that there has not been enough focus on economic growth.”

However, the FCA, BOE, and PSR refused to comment.

Moreover, Truss and her supporters have suggested the government should have a bigger role in how the Bank of England operates as inflation surges to above 10 percent. This percent is five times more than the BoE’s target level.

Truss has promised to reduce taxes to mitigate the impact of surging prices on households.

PSR is under pressure from lawmakers to resist moves by Visa and Mastercard to increase fees on users of their payment networks.

In addition to that insurers pressure PRA to allow them to invest more in infrastructure as part of a post-Brexit reform of Solvency II capital rules inherited from the European Union.

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