The UK has set out how it intends to approach a range of
important regulatory reforms in the process of being
implemented at the international and European level. Now
the UK has left the EU, the UK will make its own decisions
about the rules governing its world-leading financial
sector, and the plans confirmed today ensure that the UK
financial sector will continue to be underpinned by a
commitment to the highest international standards.
These include reforms to update UK prudential requirements,
maintain the soundness of UK capital markets, and manage
future risks. In particular, the government is announcing
how it intends to legislate for updated prudential rules to
reflect international Basel standards and a new regime for
investment firms, publishing a consultation on the
transposition of the Bank Recovery and Resolution Directive
II (BRRDII), and announcing a review to improve the
prudential rules for insurers.
The details published today will provide clarity to
financial services firms and demonstrate the UK’s continued
commitment to the same high standards of regulation in the
context of ongoing equivalence discussions with the EU.
The Economic Secretary to the Treasury & City Minister,
, said:
The financial services sector plays a crucial role in
supporting the wider economy, creating jobs across the
UK, supporting SMEs, contributing taxes, driving regional
growth and investment, tackling climate change and
embracing technology and innovation. It has also been at
the forefront of our response to the economic impact of
Coronavirus.
Now we have left the EU the UK is making its own
decisions about regulation. There will be changes to some
of the details, but our values as an open, global,
responsible financial centre are staying the same. The
best rules for Britain are those that maintain or enhance
the world-leading standard of regulation that has
underpinned our success to date.
A series of written statements, a policy paper, and a
consultation have been published today, detailing these
changes:
