City regulators to ditch EU shackles in bid to pull more business to the UK post-Brexit
Chancellor Rishi Sunak plans to give the FCA and the Bank of England more freedom to replace EU laws
City regulators are preparing to break free of EU shackles to pull more business to the UK post-Brexit.
Chancellor Rishi Sunak plans to give the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority more freedom to replace EU law with their own rules.
They will have to consider the implications of their regulations for the UK’s growth and international competitiveness, and maintain integrity in markets, consumer protection and a ‘sound financial system’.
Parliament and the Treasury will have stronger scrutiny and oversight of the regulators.
Sunak said changes would ‘support the future strength of the UK as a global financial centre, ensuring an agile and dynamic approach to regulation that supports growth of the UK economy, without diverging from our continued commitment to high international standards’.