Member

Much is made of the similarity between the football regulator and the FCA. But does the Minister recognise that the FCA is a mature regulator? It is not just starting out. It employs 700 staff dedicated to authorisations, with decades of operational precedence and, critically, a stop-the-clock mechanism in the process, strict completeness criteria, working day calculations and withdrawal mechanisms—with all those present in the regulatory regime. Does the Minister accept that many consortium structures with multiple shareholders, cross-border arrangements necessitating co-ordination with overseas authorities, and information from HMRC, the National Crime Agency, competition organisers and overseas regulatory bodies, will make it incredibly difficult to determine who has significant influence or control?