Nigel Farage could strip the Financial Conduct Authority (FCA) of its power to regulate the banking industry under a sweeping overhaul of City rules if Reform UK is elected to government, according to reports.
The party leader, who has said he is preparing for a possible early general election in 2027, wants to prioritise boosting economic growth by reversing changes made after the 2008 financial crisis. Under the plan, banking regulation would be handed to the Bank of England.
“Nigel thinks the FCA is a disaster and banking regulation needs to go back to the Bank of England,” a source close to Farage told the Financial Times. The move would reverse reforms introduced by former Conservative chancellor George Osborne, which created the FCA to oversee industry conduct and consumer protection.
Farage has been a prominent critic of Britain’s biggest banks since the debanking scandal involving NatWest’s Coutts, which closed his account in 2023. The FCA later ordered banks to treat politicians more fairly, but Farage criticised it for finding no evidence of accounts being closed due to political views.
Reform UK’s party conference, which began on Friday, has also seen promises to cut taxes and sweep away City rules to boost cryptocurrency development. Crypto companies and gold traders are heavily involved in the event, with donations accepted in bitcoin and other cryptocurrencies.
