The government has pushed back its plans to introduce a so-called 'call-in' power over the City's regulators, as lawmakers on an influential committee have asked for more time to scrutinise the potential risks involved.

As part of its flagship legislation to reinvigorate the City after Brexit, the Financial Services and Markets Bill, the government was planning to introduce powers allowing ministers to force regulators to make, amend or revoke rules where they were holding back growth or innovation.