MPs warn government against weakening of financial regulation standards

Opportunities for simplification

The Treasury Committee has urged the government not to weaken the UK’s regulatory standards for the financial services sector, in a report published today (16 June).

As regulators gain new powers following the UK's departure from the EU, the committee, made up of cross-party MPs, said the Treasury should respect regulatory independence and not pressure them to "weaken" or "water down" financial regulation standards. MPs said that while Brexit should not in itself be the cause of instant or dramatic changes to financial services regulation, there will be opportunities to seek simplification while being mindful of continued compliance with global standards.  "The financial services sector is at a turning point, with regulators taking on new powers f...