LONDON, Sept 28 - Britain set out plans on Thursday to ease key banking and insurance rules in the latest attempt to boost its vital financial sector following the country's departure from the European Union.
Continuing with the "Edinburgh Reforms" outlined in December, the finance ministry set out a public consultation on proposed secondary legislation to implement recommendations made in a review conducted by a panel led by Keith Skeoch, a former investment fund boss. UK financial services minister Andrew Griffith said the planned changes would make the rule more adaptable and reduce the risk of unintended consequences.
Banking industry body UK Finance questioned the need for ring-fencing rules at all given significant changes made to aid the smooth closure of failing banks without taxpayer aid. A so-called matching adjustment gives capital relief on assets that will generate returns at the right time to cover future payouts to policyholders.
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