The UK will need to “redouble” its engagement with European regulatory and policymakers following Brexit, recently appointed FCA chair Charles Randall says.
In a speech today in London, Randall acknowledges the impending withdrawal date reiterating that a Brexit agreement will have important implications for how the FCA works in the future.
Randall says: “The FCA does not see the UK’s withdrawal from the European Union as an opportunity to join a race to the bottom in regulatory standards – quite the contrary.”
He adds: “We will need to redouble our engagement with our policymaking and regulatory colleagues in Europe and across the world, to continue to influence global standards of financial regulation.”
Randall cited a recent report which he says emphasises that strong global markets dampen the cycle of deregulation, crisis and regulation because they limit the opportunity for individual jurisdictions to race to the bottom.
He says: “This is most definitely not a zero-sum game. Open and consistently regulated financial markets bring benefits to consumers and businesses in all jurisdictions.”
Randall adds: “That’s why I believe that consumers and businesses across Europe will expect to have continued access to the best financial services that are available in their time zone, maximising their own welfare and the potential of their nations’ economies.”