Reform UK party leader Nigel Farage plans to strip the Financial Conduct Authority (FCA) of its role regulating banks if his party wins power, as reported by the Financial Times.
"Nigel thinks the FCA is a disaster and banking regulation needs to go back to the Bank of England," one of his allies told the FT. Such an overhaul would reverse the "twin peaks" reforms introduced after the 2008 financial crash, when the Financial Services Authority was abolished and its powers were split between the FCA and the Prudential Regulation Authority (PRA).
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