Hunt’s plan for ‘BigBang 2.0’ blocked by City watchdog
The TelegraphJeremy Hunt faces mounting opposition from regulators over plans to slash red tape in the City, damaging Tory hopes of a post-Brexit “Big Bang 2.0”. Officials from the Financial Conduct Authority have argued against relaxing short-selling rules, despite the Chancellor pledging to ease regulations as a key part of his Edinburgh Reforms, the Telegraph can reveal. In recent roundtable meetings with City stakeholders, FCA officials disclosed that they want to retain key parts of the current rulebook, according to several people in attendance. “While we have yet to see any policy proposals, we have seen a direction of travel from the Government, which the FCA seems keen to pour cold water on.” Another person involved in the talks said: “If you compare the FCA to the Treasury, there was more hesitancy from the regulator to reform these rules.” Any divergence on overhauling short selling rules could set the stage for a new spat between Government and financial regulators, which have been at loggerheads on several occasions in the last year.
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