The Financial Times reports that Liz Truss – the likely next Prime Minster – is planning to overhaul the UK’s financial regulators, with Financial Conduct Authority (FCA) boss Nikhil Rathi the most under threat of losing his job.

According to the paper, Truss wants to merge the FCA, the Prudential Regulation Authority (PRA) – which is responsible for regulating systemically important financial providers – and the Payment Systems Regulator (PSR).

The FCA and PRA were spun out of the old Financial Services Authority in April 2013 following the Financial Services Act 2012, with the PSR being created in 2015.

Of the three, the FCA has courted the most controversy, most recently concerning a staff strike in the spring, the London Capital & Finance collapse, and the headline-grabbing Neil Woodford scandal.

Together, the three watchdogs have 5,500 staff on payroll.

Truss has also said that she wants to review the Bank of England’s (BoE) mandate, which among other duties, sees it controlling the interest rate to provide monetary stability.

The BoE has come under fire regarding its handling of inflation lately, which hit double figures in July and is expected to grow further.