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Britain's markets watchdog to review post-Brexit rules

15:33 17-04-2019
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Britain's markets watchdog will review its rules as the country readies to leave the European Union, the source of its financial regulation for decades, Euronews reports.

"Post-Brexit, we need to consider the future of regulation to ensure the regulatory landscape is fit for the challenge it faces," the Financial Conduct Authority said in its new annual business plan published on Wednesday.

The watchdog's chief executive, Andrew Bailey, said Brexit will be the most immediate challenge its faces.

"In order to ensure we are a regulator that continues to serve the public interest, we need to adapt to the ever-changing environment," Bailey said.

The debate is likely to be heated.

Backers of Brexit say that leaving the EU gives Britain an opportunity to ease what they see as burdensome rules from the bloc, to maintain London as a competitive global financial centre.

Others, however, want Britain to stay aligned to the bloc, the biggest customer of Britain's financial sector.

Britain's finance ministry and parliament's Treasury Select Committee (TSC) have already announced plans to review financial regulation.