The U.K.'s new prime minister may have big plans for the City of London
to the Financial Times last month. It cited campaign insiders as saying Truss would seek to review and possibly merge London's three big regulators – the Financial Conduct Authority , the Prudential Regulation Authority and the Payment Services Regulator .'Change for change's sake'
Their remits sound similar, but the different organisations were formed when it was decided the Financial Services Authority, which regulated the City between 2001 and 2013, had multiple functions that could be better served through separate organisations. "The simple question to be answered now is: What would the rejoining of the PRA and the FCA achieve?", Nunan wrote in an email to CNBC.
Governments should always "challenge the status quo," Nunan said, but argued that it's a question of whether this would actually better serve the "changing needs of a nation."
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