Financial services regulation is being run out of London after Brexit (Yui Mok/PA)An influential group of MPs has backed Government plans to transfer EU rules on financial services to UK regulators’ rule books. When the UK was a member of the EU, much of the country’s financial services regulation was based around Brussels. But moving some of the rules into the rule books followed by regulators such as the Financial Conduct Authority could avoid cumbersome processes for legislators, MPs said. There is currently “significant interaction” between regulators and ministers well before regulators start consulting on new proposals. Committee chair Mel Stride said: “As the UK forges a new post-Brexit future, the Government’s approach to financial services regulation will be critical.

Source: Irish Independent July 05, 2021 23:03 UTC