British Banks Wants Their Rules Untouched
According to the Financial Conduct Authority Chair Charles Randell, UK banks and insurers want their rulebooks to remain intact and as they are after Britain leaves European Union and only trade deal with the former will decide the ability to ease regulation.
When asked about the possibility of using EU rules if no trade deal is agreed, Randell claimed: "I don't think any of the financial firms I meet want to win business through a regulatory race to the bottom".
The Financial Conduct Authority Chair also informed that the industry and consumer groups agreed that volume of regulatory change is unsustainable. "We need to make sure that the pace of regulatory change is carefully managed, given all the other pressures on firms' business models," he explained.