Deregulation pressure rises as FCA chief Bailey eyes post-Brexit change

Tory MP leads calls for remove 'unnecessary regulation'

Calls for the post-Brexit deregulation of the City were again brought to the fore last week, when a Tory MP hosting an investment industry panel event in Westminster sought to encourage those present to "shape and guide what the British Government does" with regard to financial services regulation after the UK leaves the EU.

The Portcullis House event took place on the same day chief executive of the Financial Conduct Authority (FCA) Andrew Bailey delivered a speech outlining how the UK could develop a "lower burden" and "outcome-focused" regulatory regime post Brexit. FCA devotes more than 300,000 man-hours to Brexit However, Bailey said any change in approach to regulation would not seek to completely scrap existing rules and the regulator would favour equivalence with global standards, while legal experts say sweeping deregulation is unlikely. Speaking at the Westminster event, ex-HSBC employee Bim ...