British financial watchdog says access to EU markets essential for competition
London — Access to markets and workers in the EU after Britain leaves the bloc is essential for maintaining healthy competition in financial services and avoiding disruption, the UK’s markets watchdog said on Tuesday. The Financial Conduct Authority (FCA) set out the key principles for advising the government on EU withdrawal negotiations in its annual business plan for next year, with handling uncertainties surrounding Brexit a top priority. "Open markets are an important enabler of healthy competition, supporting FCA objectives," the watchdog said. The regulator said the ability to recruit a diverse workforce would also help ensure markets and firms are well run and remain competitive — a nod to concerns at banks that they may not be able to recruit freely from EU countries in future. FCA CEO Andrew Bailey said the watchdog’s Brexit contingency plans included the possibility of no EU market access, but noted that the government was looking to negotiate to keep markets open in a fr...
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