Andrew Bailey tells EU: UK will not be a 'rule-taker'

Equivalence debate

David Brenchley
clock • 2 min read

Andrew Bailey has accused the European Union of holding the UK to standards it would "not agree to be held to itself" and said the UK would not be a post-Brexit "rule-taker".

The EU has yet to grant "equivalence" status to the UK, instead demanding UK banks continue to comply with standards set in Brussels. The bloc has said it wanted to wait and see how far the UK's new rules diverged from its own before agreeing to recognise them. But the Bank of England governor noted in his Mansion House speech on Wednesday (10 February) that this was in contrast to all other countries the bloc has agreed trade deals with. Brexit: How are advisers preparing clients? "The EU has argued it must better understand how the UK intends to amend or alter the rules going forw...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Regulation

The FCA offices in London

FCA sets out plans to streamline legal work in single department

Headed up by general counsel Stephen Braviner-Roman

Jenna Brown
clock 23 March 2023 • 1 min read
FCA restricts advice business after engagement failures

FCA restricts advice business after engagement failures

Independently East bank accounts frozen and permissions cancelled

Charlotte Moore
clock 23 March 2023 • 2 min read
TPO orders AJ Bell to compensate client after £10k transfer error

TPO orders AJ Bell to compensate client after £10k transfer error

Client had requested a full cash transfer from Nucleus to AJ Bell

Charlotte Moore
clock 22 March 2023 • 2 min read