Rishi Sunak unveils post-Brexit financial regulation proposals
Britain’s post-Brexit system of financial regulation is to have a greater focus on growth and international competitiveness under new plans outlined by the chancellor, Rishi Sunak.
In what the Treasury described as a “once-in-a-generation” opportunity to reform the way one of the UK’s biggest industries is supervised and policed, Sunak said the sector would benefit from a customised regime.
The proposals would involve the scrapping of EU financial services law retained after Brexit but no longer deemed appropriate. It will be replaced by new rules drawn up by the UK’s two watchdog bodies – the Financial Conduct Authority and the Prudential Regulation Authority.
Ensuring financial stability would still be the prime goal for the FCA and the PRA,
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