The U.K. government is looking at amending financial rules criticized by a report into Greensill Capital’s collapse.
Chancellor of the Exchequer Rishi Sunak said in a letter to the Treasury Committee that his department had started to review the appointed representatives regime.
“As part of this will consider legislative reforms that may be necessary to strengthen the oversight of appointed representatives and to prevent opportunities for abuse of the system,” Sunak wrote to the committee, whose report was published in July.
Potential reforms to the change in control rules are also underway, with the Treasury working with the Bank of England and Financial Conduct Authority to ensure existing banks are kept away from owners who wouldn’t be given banking licenses in their own right.
Sunak defended his department’s handling of former Prime Minister David Cameron’s lobbying on behalf of Greensill, which failed in March, and said it didn’t cause the Treasury to behave any differently. “Greensill and supply chain finance did not take up a very significant part of my time,” he said.
Sky News reported the letter earlier.
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