Financial Conduct Authority  

FCA joins BoE in warning against 'call-in' powers

Rathi added that no examples had been provided of previous issues with the FCA’s rules in the past.

“We [have] operational independence, that does not mean we operate in a vacuum,” he said.

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“We’ve demonstrated we really understand the public policy environment that we are operating in.”

Rathi emphasised the importance of the role of parliament should any such measure be introduced.

“There are very good reasons why enforcement has been separate from [politics and parliament] once the overall framework is set by parliament,” he added.

sally.hickey@ft.com