FSMB: Government U-turn on intervention power

The Treasury Committee has published correspondence that now confirm the government will not proceed with its controversial intervention power that it had intended to introduce into the FSM Bill.  The power would have allowed Treasury to make, amend or revoke rules made by the regulators. There was significant discussion and debate over the proposals during the Bill’s Public Bill Committee stage – hampered by the fact the Government had not yet made the amendment available. Andrew Griffith had previously confirmed that Rishi Sunak wished to consider the amendment (which was the suggestion of the Liz Truss government) carefully, and now has confirmed in a letter to Harriet Baldwin, Chair of the Treasury Select Committee, that the government will not proceed with it at all. The letter states that the government now considered that the existing provisions in the Bill are sufficient, and that it is committed to the operational independence of the regulators.

Emma Radmore