View more on these topics

EU regulator warns outcome-based regulation in UK could pose threat to EU

The European markets regulator has expressed concern UK finance companies could make use of loopholes between the UK and EU after Brexit, according to the Financial Times.

Speaking at a conference in London, the European Securities and Markets Authority chair Steve Maijoor said this was one of the reasons Esma is seeking to directly supervise non-EU firms.

He said there was a risk of “regulatory competition” where an outcome-based system is used.

According to the Financial Times, the comments from Maijoor came in response to FCA executive director of strategy Chris Woolard who, talking at the same event, said the risk of UK companies exploiting loopholes was low because there will be no “bonfire of regulations” after Brexit.

The FCA chief Andrew Bailey had previously hinted the UK would move from rule-based to outcome-based approach to regulation last month.

Last summer, the UK government moved away from mutual recognition of regulation after exiting the EU, instead pursuing an arrangement that will see financial services companies having scaled-back access to each other’s markets.

Recommended

Euros-EU-Money-Currency-Europe-700x450.jpg
4

FCA defends ‘serious register errors’ in clone firm case

The FCA has confirmed it will not accept a recommendation to compensate an investor who lost money to a clone of a deauthorised firm which was incorrectly marked as registered by the FSA for 12 years. In the final report of the case to the Complaints Commissioner, the FCA says it provided appropriate guidance on […]

Andrew-Bailey-PRA-2013-500x320.jpg

FCA criticised for not investigating Lloyds’ treatment of a whistleblower

A whistleblower who wrote a report criticising Lloyds Bank’s handling of a scandal at HBOS has rebuked the FCA for not investigating, the Financial Times reports. Former Lloyds staffer Sally Masterton wrote to FCA chief executive Andrew Bailey last year, asking him to look into the conduct of Lloyds senior managers towards her. In 2014, […]

1

Tackling retirement saving among Generation X

The FCA’s Intergenerational Differences paper highlights the difficulties that people in their late 30s to early 50s face in saving for retirement. How can the industry improve their prospects? Grouping people according to age, gender, marital status and how wealthy they are is something product providers and advice firms do to tailor their services to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 24th May 2019 at 8:45 pm

    After 30 years of failed regulation, still the motorway pile-ups continue unabated. When is Parliament going to DO something about it?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com