The UK could develop an "outcome focused" and "lower burden" approach to financial regulation after leaving the EU, while still maintaining "equivalence" with other world jurisdictions, FCA chief executive Andrew Bailey has said.
Setting out his vision for "the future of financial conduct regulation" in London on Tuesday (23 April), Bailey (pictured) said Brexit "will be a defining factor" in the construction of a post-EU regulatory regime and the approach of the Financial Conduct Authority (FCA). Bailey explained that "left to our own devices… the UK regulatory system would evolve somewhat differently" to that of the EU regime, with the country's regulators emphasising "principles" gained from "practical experience", over "detailed rules that can tend to become overly set in stone". FCA devotes more than 300,...
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