Interesting...

What's going on here then? Look at all the groups listed (LSE, CBI, IoD, NAPF) as opposing moving the UKLA to the FRC. Perhaps it is, as it says on the tin, a grumble about pointless deckchair shuffling (but then that's the HMT White Paper in a nutshell!). But you get the feeling there's more to it. Check out the CBI quote:

"It is not clear what the proposal to merge the UKLA with the FRC is seeking to achieve. UKLA is a real-time markets regulator whereas FRC is a standard-setting regulator."

But in that case I refer the honorable gentleman to the HMT consultation document (which I can't believe he hasn't read!) which states:

"The Government believes that, within the proposed new regulatory architecture, there is a strong case for a powerful companies regulator established with responsibilities for regulating corporate governance, corporate information and its disclosure, and the stewardship of companies by institutional shareholders."

It's explicit that this is intended to be a step towards creating a companies regulator. And my suspicious side leads me to think that is what is being (indirectly) opposed.