The government has announced a package of reforms of the financial sector in a bid to spur growth in the UK economy.
Bank ringfencing rules are set to be watered down in one change, so banks without major investment activities are released from the regime. The chancellor is also expected to issue new mandates to the Financial Conduct Authority and the Prudential Regulation Authority, setting out how they will help deliver growth and promote the international competitiveness of the UK. A widespread review is also planned to repeal hundreds of pages of European Union (EU) law, ranging from disclosure for financial products to prudential rules for banks. The government claims some of these EU rules ...
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