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UK regulator faces independence stress-test; and European soccer has its day in court
15 July 2022 00:00
Against the backdrop of the political turmoil affecting the UK, an interesting power dynamic is developing between the government, insurers and the central bank’s prudential regulator. Solvency II, a key piece of legislation for the insurance industry, is being overhauled and there’s a growing chasm between the government and the insurance industry on the one side, and regulators on the other. The stakes are high, with the government awarded powers to undermine anything the regulator does — powers that are prompting some soul-searching about regulatory independence. Also on today’s podcast: Judges ponder the future of European sport, with EU courts weighing up whether UEFA should be allowed special leeway to nurture grass-roots sport or whether it falls under competition laws and should allow the emergence of a rival Super League.