Finance wants competitiveness role for UK watchdogs after Brexit

LONDON - Britain’s regulators should have a formal role after Brexit to keep the financial sector globally competitive and less prone to “gold-plating” international norms, an industry think tank said on Thursday.

“Brexit does change the structure around regulation and we need to reflect that,” Mark Hoban, chair of the IRSG and a former UK financial services minister, told Reuters. “The use of the word competitiveness is often quite loaded,” said Julian Adams, regulatory and government relations director at insurer M&G, and chair of the IRSG report.

Britain will remain a member of international financial standard setters after Brexit, whose norms typically form the basis for national or EU laws that Britain has often “gold-plated” - or toughened up.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EU will offer UK worse trade deal after Brexit than Canada or Japan - Business InsiderThe EU is planning to offer UK Prime Minister Boris Johnson a much worse trade deal than it has given other countries. You mean the Tory Government is ignoring all the rules that would make a decent deal possible. UK does not need the EU, the EU needs the UK.
Source: BusinessInsider - 🏆 729. / 51 Read more »