FCA's Bailey backs open market Brexit as 'prize worth having for all'

Calls for regulatory cohesion

Chief executive of the FCA Andrew Bailey has backed an open market approach to financial services and regulatory synergy between the UK and EU when the country leaves the bloc.

In a lecture to the Official Monetary and Financial Institutions Forum on Friday, Bailey (pictured) said Brexit presents a threat to open financial markets and free trade and that "such a threat is bad all round, not just for the UK". UK named second riskiest market amid regulatory pressures He said: "Free trade in financial services can exist on a stable basis, and… it does not have to be confined within regional blocs.   "Common regulatory standards are a necessary condition for free trade in finance, and they can also be a sufficient condition.   "Multilateral open markets ar...