BREXIT
UK banks and insurers insist existing rules must stay intact after Brexit
London — Britain’s banks and insurers did not want their rule books dismantled after Brexit, and the ability to ease regulation will depend on the country’s future trade deal with Europe, Financial Conduct Authority chairman Charles Randell said. Britain will leave the EU in March 2019 and although a "standstill" transition deal has been agreed with Brussels lasting to the end of 2020, it is unclear what sort of trading links Britain will have with Europe after then. Some UK parliamentarians see Brexit as an opportunity to row back on EU rules, but Randell saw no appetite for this among firms themselves. "I don’t think any of the financial services firms I meet want to try to win business through a regulatory race to the bottom," Randell said. Financial firms believed that the "quality kite mark" they get from being regulated in Britain is an important selling point for their global business. While Britain is leaving the EU, it is not leaving a system of global standards, Randell sa...
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