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Brexit: Govt tells City it plans to break with EU regulation

The Government has outlined plans for post Brexit financial services regulation in the UK to ultimately diverge from the European Union.

Brexit secretary David Davis met with City leaders last week at Chevening, foreign secretary Boris Johnson’s country residence, the Financial Times reports.

Davis told a breakout session for financial services that the UK would lose potential competitive gains from leaving the EU, if it maintained the same regulatory framework without any influence over its composition.

However, Davis is reportedly no longer opposing a two to three-year transition period where the UK’s relationship with the EU would be broadly maintained.

LGIM head of personal investing Helena Morrissey was among the attendees alongside London Stock Exchange chief executive Xavier Rolet, hedge fund manager Sir Paul Marshall, and banking chiefs.

Former European commissioner Jonathan Hill, who has been informally advising Davis, supported the Brexit secretary’s view that the UK would lose out by being tied to EU regulation after the transition period.

There were views on whether Hill’s approach was accepted by attendees with some concerned that the Government was seeking a “race to the bottom” by abandoning equivalent standards.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. here we go again have they informed the fca of there decision or is it another pensions freedom shoot now and the sherriff can arrest you a couple of years later

  2. FSMA will be transposed in the same way as all the many thousands of legal frameworks will be – as they are and at with at an incredible legal cost – just to remove any EU reference. Following that any amendment to it will take years and years to be finalised.

    But that’s all irrelevant anyway as all firms operating in the UK will seek equivalency in order to operate across states.

    This is another lie by an incredibly incompetent Davis/DExEU office

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