No ‘ripping up the rules’ to secure Britain’s financial services sector
The UK’s Treasury adviser tells a worried derivatives industry conference that a robust post-Brexit financial services sector is a priority
London — Financial services will remain a "guiding light" for Britain’s economy after Brexit and there is no intention to "rip up the rulebook" to compete better as a top financial centre, a government minister said on Tuesday. "My priority is to ensure that financial services remain a national priority in robust health," Economic Secretary to the Treasury John Glen told the annual conference of FIA IDX, a derivatives industry trade body. Britain, the European Union’s biggest financial centre, leaves the bloc next March, raising questions about the ability of banks, insurers and asset managers in the UK to continue serving customers in the EU. Some pro-Brexit MPs say that if Britain does not get a good trade deal with the EU, it should ease banking rules to allow the City of London financial district to keep ahead of the pack. "We do not intend to rip up the rulebook after Brexit," said Glen, who is responsible for the financial services industry as a junior minister at the Treasury...
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