Government consultation detaches UK regulation from the EU post-Brexit

FCA and PRA acting as two separate entities

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be awarded new powers as the UK detaches from EU frameworks post-Brexit, according to a government consultation.

The consultation, titled The Financial Services Future Regulatory Framework Review: Proposals for Reform, sets out government plans to maintain the current regulatory structure in the UK, with the FCA and PRA acting as two separate entities with delegated responsibilities. The two bodies will need to consider how the financial services industry in the UK can grow and compete internationally when setting out new rules on how to thwart malpractice, the Treasury said in a statement. FCA has never rejected a fund launch application since inception "The plans would require the FCA and t...