By Huw Jones

LONDONOct 12 – Britain’s new financial services law should not hamper the Financial Conduct Authority’s ability to act swiftly or undermine its independence, the acting chief supervisor said on Wednesday.

Financial Services Secretary Andrew Griffith said Tuesday that he would not interfere with the operational independence of FCA and the Bank of England, but will propose a “safety value” to allow the Ministry of Finance to intervene if there is a significant public interest.

The wording of the new powers, which has not yet been finalized, will be introduced in the coming weeks in the Financial Services and Markets Bill that goes to Parliament, Griffith said.

Prime Minister Liz Truss has pledged to “liberate” the City of London’s financial sector with a package called “Big Bang 2.0” that includes more major changes in areas such as insurance, where regulators have shown reluctance.

Richard Lloyd, Acting Chairman of the Financial Conduct Authority (FCAfor its acronym in English), told reporters on Wednesday that its board prides itself on the independence of the regulator, which is highly respected, well understood and internationally copied.

“It’s important that we have mechanisms in place that hold us accountable, but that don’t hold us back, which doesn’t prevent us from being more agile, better able to intervene when needed,” Lloyd said.

The watchdog is repairing itself to act more quickly, after being criticized for being slow to stop fraud and sales mistakes.

Lloyd said the power of intervention in the bill was “of particular concern.”

The Bank of England’s Financial Policy Committee said in its quarterly statement on Wednesday that the stability and predictability of UK rule will remain important given the scale of its financial system.

The operational independence of the regulator is an important part of the regulatory regime, the committee said, adding that it will consider the implications of all amendments to the financial services bill once details become available.