As the tug of war around financial regulation post-Brexit goes on, those in the City calling for looser regulation to maintain London’s global competitiveness have found their match in the UK Treasury. However, some experts have warned that the so-called ‘Big Bang 2.0’ could have far-reaching implications for the industry.
Former chancellor Rishi Sunak first introduced the future regulatory framework (FRF) review for new post-Brexit financial services regulations in July 2021. One year later, the financial services bill is set to be published today (20 July), having first been announced in the Queen's speech in May. The Financial Services and Markets Bill will sweep away many of the EU regulations governing the City and allow ministers to "call in" decisions by the Bank of England they do not like, essentially granting them power to intervene over financial services regulation. Sunak set out his approa...
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