UK set to announce post-Brexit reforms in financial services

International

9-12-2022, 08:54

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INA- sources

The UK government is set to unveil on Friday (December 9) post-Brexit plans to overhaul and preserve its powerful financial services industry.

Finance minister Jeremy Hunt will outline reforms "to drive growth and secure the UK's position as a world-leading financial services hub", the Treasury said in a statement.

Under the plans that will be unveiled, banks without major investment activities will be released from a ringfencing regime that currently seeks to separate retail and investment banking arms.

The country's financial regulators will be given a "new remit" to help deliver economic growth.

And a "widespread review" will see the Conservative UK government repeal "hundreds of pages of EU law", the Treasury added.

source: wion