The UK Treasury has consulted whether to split up the Financial Conduct Authority and give its responsibility for tackling money laundering and terrorist financing — which it undertakes with a patchwork of other bodies — to an entirely new organisation. This is the final of four options the Treasury put on the table; it will make a decision by summertime.
FCA CEO Nikhil Rathi recently warned the Treasury Select Committee against adopting this final and most extreme option, calling it “disproportionately disruptive”.
