Published On: Sat, Sep 25th, 2021
World | By

Britain’s Sunak Accepts Call for Financial Reforms After Greensill Collapseon September 25, 2021 at 7:42 am

Share This

British finance minister Rishi Sunak has ordered two immediate reviews of the country’s financial regulation related to the collapse of supply chain finance firm Greensill Capital. In a letter to a parliamentary committee that issued a report in July related to Greensill’s collapse, released on Friday by the same committee, Sunak said he had accepted its call for reform of the mechanism used by Greensill, known as the “appointed representatives regime.” Sunak said in the letter, first reported by the Financial Times, that the Treasury had already started to review the regime, including legislative reforms to strengthen the oversight of appointed representatives to prevent opportunities for abuse of the system. Regarding reforms of the regulatory regime surrounding changes of control of banks, Sunak said the Treasury is working with the Prudential Regulation Authority and Financial Conduct Authority to consider how change of control applications are dealt with, and what changes … Save 10% on Citrus trees with code CITRUS

About the Author