, Britain’s finance minister said he’s reviewing the country’s “appointed representatives” regime.
This allows unregulated financial firms to do business if they’re overseen by another company, known as the principal, that’s authorised by the Financial Conduct Authority. It’s woefully outdated. Originally intended to help individual insurance brokers, it allowed a UK Greensill subsidiary to operate without direct supervision by the watchdog.
But focusing on that regulatory loophole risks missing the broader picture. Greensill was part of a huge shadow-banking system, which the Bank of England reckons houses half the UK's . Supervisors have a hard time gathering data from these firms. Sunak acknowledged these “non-bank data gaps” but didn’t propose a clear solution. Stopping the next Greensill will require bigger thinking. Wall Street B-team arrives in D.C. L1N2QP1PC
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