British MPs tell banks that no-deal Brexit will not spell disarray
Parliament to vote later on Tuesday in a bid to end a deadlock over Britain’s divorce settlement with EU
London — Britain would have “fully functional” rules to remain a top global financial centre even if it left the EU without a Brexit deal, MPs said on Tuesday. They sought to reassure foreign financial firms that a no-deal Brexit would not result in City of London disarray as many banks, insurers and asset managers are already moving staff and operations to new EU hubs. MPs were due to vote on Tuesday in a bid to end a deadlock over Britain's divorce settlement with the EU and avert a no-deal Brexit on March 29. EU financial rules are being embedded in British law, but changes are needed to make them work properly as Britain ends control by EU regulators.
Parliament is scrutinising measures known as statutory instruments (SIs) to give ministers and financial regulators powers to largely bypass parliament to push through changes. Nicky Morgan, chair of parliament's treasury select committee, told Britain's financial services minister John Glen that while the powers showed that ...