“Most of the UK regulatory regime reflects either international commitments or policy developed over many years to reflect the lessons of experience. “It is important for people not to overplay this - there is no sense of any move back to a pre-financial crisis world,” said Jonathan Herbst, global head of financial services regulation at Norton Rose Fulbright. The more technical scope of the reforms is a sign of the leading role the UK played in designing much of the EU’s financial services regulations, meaning there’s little scope for immediate change. The British government is trying to take advantage of regulatory opportunities from Brexit, seeking to change rules to free up capital markets and attract business to the City of London.īut its recent attempts to change City rules have at times stoked controversy, such as a proposed new intervention power over regulators which was dropped by city minister Andrew Griffith. “We are delivering an agile, proportionate and home-grown regulatory regime which will unlock investment across our economy,” he said.
“Leaving the EU gives us a golden opportunity,” chancellor Jeremy Hunt said, announcing more than 30 measures.
The new standalone regime will be “tailored to the needs of UK markets, companies and investors”, according to a Treasury document. The UK also said it would look to replace EU-era rules around the regulation of short selling. “This is not about deregulation,” Chris Hayward, policy chair for the City of London, said, while welcoming the changes while noting they much more marginal compared to the Big Bang of the 1980s.Īs part of the changes to ring-fencing - which requires banking groups to separate their retail banking services from their investment and international banking activities - the UK Treasury will consult on raising the threshold at which the ring-fencing regime applies to £35bn of retail deposits.
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