Labour plans radical crackdown on failed corporate regulators – The Guardian
Companies that break the rules could face tougher sanctions under plans being considered by Labour to scrap Britains multiplicity of overlapping regulators, which the party believes cave in to powerful commercial interests and fail to protect consumers.
A report commissioned by John McDonnell, the shadow chancellor, argues that there needs to be a new authority to investigate commercial wrongdoing as part of an overhaul that brings the estimated 670 industry watchdogs under an overarching business regulator.
There is frustration in Labour ranks at the failure of regulators to tackle market manipulation and wrongdoing despite complaints from consumers and allegations from whistleblowers. McDonnell says it is important to lay bare these f…