Tuesday, 9 September 2014

Watchdog's phones at ready for Yes

The UK's financial watchdog, the FCA, is bracing itself for a rush of questions if Scotland votes Yes to independence in next week's referendum.

The chairman of the FCA, John Griffith-Jones, told MPs that contingency planning included "such things as making sure our phone lines are properly manned, and making sure we have appropriate advice on Day One."

On disentangling the regime to protect consumers, he warned that "it will be complicated to work out the detail".

He said it would be the responsibility of the Scottish parliament to decide how regulation should work in future.

Mr Griffith-Jones, speaking to the Treasury Select Committee in Westminster, added that setting up a new system would provide regulators with "a lot of work".

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