The Share Centre's CEO: We are not worried one bit about Brexit

Brexit may lead to FCA writing UK regulation

Richard Stone, CEO of The Share Centre, has said Brexit should be seen as a "huge opportunity" for the UK, pointing to the potential for the country to write its own regulations suitable for UK retail investors.

He said the current model, where the Financial Conduct Authority (FCA) simply translates pieces of regulation written by the European Commission, was not always beneficial for the UK. In particular, the CEO noted regulation such as MiFID II was not entirely "fit for purpose" in the UK marketplace, due to the cultural differences between the continent and the UK. FCA demands asset managers reveal Brexit plans He gave the example of the first version of MiFID II, which wanted to outlaw trading in equities without taking advice, effectively making execution-only brokers such as The Sh...