Prime ministerial candidate frontrunner Liz Truss is considering merging the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payments Systems Regulator (PSR) should she win the race to succeed Boris Johnson.
The Financial Times reports that Truss (pictured), who is currently 32 points ahead of rival Rishi Sunak to become the country’s next PM, will green light the merger as part of a “wider war on technocrats”.
Reuters reports should she wins the contest, Truss is expected to examine the role of the three regulators.
However, a source also told Reuters that no decisions have been made on the future of regulators,” the source who asked not to be named, added: “She’s clear that there has not been enough focus on economic growth.”
The three bodies are yet to comment on the reports.
The last major shake up of the UK’s financial regulators came in April 2013 under Conservative prime minister David Cameron and chancellor George Osborne when the previous Financial Services Authority (FSA) was split up into the FCA and PRA.