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The City gets exactly the same amount of scrutiny by financial supervisors, FCA etc as the rest of the nation. The city is special in a political sense in that
by MagnumOpus 10y ago
The City gets exactly the same amount of scrutiny by financial supervisors, FCA etc as the rest of the nation. The city is special in a political sense in that the resident companies rather than resident citizens are the majority of the voters and steer the borough-level politics - but like any other county council, the CoLC doesn't set regulation, determine taxation, supervise banks or anything of that sort. That is all done by parliament, and applies for the City same as for the rest of the country.
- TheOtherHobbes 10y agoAlbeit with some interesting side-channels. https://en.wikipedia.org/wiki/City_remembrancer https://en.wikipedia.org/wiki/City_remembrancer Parliament doesn't enforce regulation either. That's the job of the Financial Conduct Authority. https://en.wikipedia.org/wiki/Financial_Conduct_Authority https://en.wikipedia.org/wiki/Financial_Conduct_Authority ...Which might be considered to be operating with quite a light touch, just as its FSA predecessor did.
- s_q_b 10y agoIn modern times, the City has also used a cluster of other special legal constructs in and around Britain as cut-outs. The City maintains close ties with both the Crown dependency of Jersey, and the British Virgin Islands, which are well-known places to conduct business off the books.
- shubb 10y agoAm I right in thinking thought, that the bulk of UK financial policing is done by the City police, who are responsible to the cooperation, the same way the Met police are responsible to the London Mayor? Police tend to police in the interests of the guy who signs their cheques.