With the official Brexit date just months away, the British government has just launched a review to see how the country’s financial services can remain resilient after the UK leaves the EU.
The first step of the Financial Services Future Regulatory Framework review is a call for evidence about how regulators could be better coordinated.
It invites submissions from the financial services firms to better understand how changes in the law impact how they manage their customers.
Subsequent phases will look into how the regulatory framework should change to ensure the UK’s continuing position as a leader in the financial services sector.
John Glen, the city minister, will lead the review. Speaking about the need of the information-gathering exercise, he said, “The UK’s financial services sector is vital to our economy and I want to make sure it endures in the future — innovative, competitive and safe from shocks like those we saw during the financial crash.
“Our regulatory framework has played a vital role in encouraging competition while protecting consumers and has made the UK one of the best places to invest and do business. It is now right that we step back to look at how the system is working more widely and what changes may be needed in the future to adapt to the UK’s new position outside of the EU, whilst maintaining the strengths of our current framework, including our world leading independent regulators.”
Philip Hammond, the chancellor of the Exchequer, first announced the review at the spring statement 2019.
The UK has long been a global leader in the FinTech sector. For instance, FinTech Global’s own research reveals that more than £7.6bn
Brexit was delayed in April to October 31, 2019.
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