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FRC chair calls for separate markets regulator

Financial Reporting Council chair Baroness Sarah Hogg has called for a separate securities regulator solely responsible for market oversight.

Writing in the Financial Times today Baroness Hogg says a separate regulatory system for markets would work better than the Government’s current proposals to create a Consumer Protection and Markets Authority,  a Prudential Regulation Authority, and merge the FRC and UK Listing Authority.

Traders and brokers are concerned that under the CPMA structure too much emphasis would be given to consumer protection over market regulation.

Baroness Hogg writes: “The FRC favours the creation of a separate UK Securities Regulator, focused on investors, who are a vital link in the economic growth chain.

“The new consumer body is rightly intended to have a ‘strong consumer voice.’ So to prop up the residual markets division, some City figures have rather desperately suggested giving the CPMA two CEOs.

“That is not a great way to launch a new regulator. Better to have two bodies with clear objectives and accountability.”

Last month London Stock Exchange chief executive Xavier Rolet said the plans to merge the FRC and UKLA could be sowing the seeds for a future crisis, as issues call fall between the cracks of the different regulators.

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