FCA: Brexit will not lead to 'bonfire of regulation'

UK voted to quit EU following referendum

Nicola Brittain
clock • 1 min read

Leaving the European Union (EU) will not "distract the regulator" or lead to a "bonfire of regulation", Financial Conduct Authority (FCA) chief executive Andrew Bailey has pledged.

Speaking at the watchdog's annual public meeting today (19 July), he said it was unlikely the vote to leave the EU would lead to deregulation. He said: "We don't expect to be distracted from our regulatory obligations, our objectives will not change and, as such, no one should expect a bonfire of regulation." The regulator has established a Brexit coordination unit but this will be set up using existing resources, Bailey added. No one should expect a bonfire of regulation Bailey (pictured) also commented: "If, or rather when the UK exits the EU, we will follow the government...

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