UK Regulators Told to Use New Remit to Keep Financial Sector Competitive

The UK regulators have been told to use their new post-Brexit remit to help keep the country's financial sector competitive globally.

The Financial Services and Markets law, which received royal assent on June 29th, gives regulators powers to amend rules and promote global competitiveness and economic growth.

The regulators are being urged to make sure that their actions are proportionate to the size of firms being regulated, and to change their mindset towards more bold and confident moves.

A new quarterly scorecard and an independent regulatory review commissioner will be introduced to check on how regulators meet competitiveness objectives.

The government has said it will maintain high, international standards, but critics have warned against easing rules to attract business to London.