UK’s Sunak set to tighten financial regulations after Greensill scandal -FT By Reuters

 UK’s Sunak set to tighten financial regulations after Greensill scandal -FT By Reuters

© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak in London, Britain, September 7, 2021. REUTERS/Toby Melville/File Photo

(Reuters) – British finance minister Rishi Sunak has ordered two immediate reviews of UK financial regulation related to the collapse of supply chain finance firm Greensill Capital, the Financial Times reported on Friday.

In a letter to a parliamentary committee that issued a report in July related to Greensill’s collapse, Sunak said he had accepted its call for reform of the mechanism used by Greensill, known as the “appointed representatives regime,” the newspaper said.

Sunak said he had already commissioned the UK treasury to review the regime, including legislative reforms to strengthen the oversight of appointed representatives to prevent opportunities of abuse, the newspaper said

Earlier this month, financial regulators said trade finance firms must do more to identify…

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