HomeWorld NewsLiz Truss plans to merge City regulators in ‘war on technocrats’

Liz Truss plans to merge City regulators in ‘war on technocrats’

Good morning. 

Liz Truss is said to be considering merging three City watchdogs as part of a broader shake-up of financial regulation.

Under the plans, the Financial Conduct Authority, Prudential Regulation Authority and Payments Systems Regulator would be combined into one new organisation.

The move would form part of a “wider war on technocrats” and civil servants as the Tory leadership frontrunner puts focus on economic growth, the Financial Times reports.

It comes after torrid period for the FCA, which has been criticised for its failings in the London Capital Finance mini-bond collapse and faced its first ever strike earlier this summer.

5 things to start your day 

1) Inflation surge threatens Truss’s tax cut plans, says IFS  Government’s benefits, pensions and borrowing bills expected to soar next year  

2) Chinese takeover of tech company blocked over security fears  Kwasi Kwarteng stops acquisition of Pulsic by Super Orange HK

3) Madame Tussauds owner hit with winding up petition in dispute over debt  Merlin Entertainments brands threat by Experian ‘wholly inappropriate’

4) Ofgem director quits regulator over price cap  Christine Farnish stands down after accusing watchdog of failing to strike right balance

5) Norway’s sovereign wealth fund loses record $174bn after tech bets go wrong  The fund’s big bets on technology made a return of minus 27pc

What happened overnight 

Asian shares tracked lower this morning, in step with Wall Street’s losses.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2pc, after US stocks ended the previous session with mild losses. The index is up 1.3pc so far this month.

Hong Kong’s Hang Seng Index was down 0.5pc while China’s blue chip CSI300 was off 0.3pc.

Coming up today

  • Corporate: AO World, Rank (full-year results); Helios Towers, Marshalls (interims)
  • Economics: Inflation final reading (eurozone), jobless claims (US)

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