Metropolis Minister John Glen launched a regulatory framework overview for the UK to “take again management of the selections” governing the nation’s monetary providers sector.
“We now have a novel alternative, following our departure from the European Union, to take again management of the selections governing the sector,” Glen wrote in a LinkedIn put up on 20 October.
“Over time, a lot of our regulatory method to monetary providers has been prescribed by EU laws and this has not at all times been applicable for the UK’s monetary providers industry,” he added.
The technique, first reported by Non-public Fairness Information’ sister publication Monetary Information on 19 October, comes as stress between the UK and the EU skyrockets, with talks breaking down final week.
On 19 October, senior minister Michael Gove informed the Home of Commons that the nation ought to prepare for a no-deal Brexit. When the transition interval ends of 31 December, the UK ought to put together for an “Australian-style deal”, Gove stated, reiterating feedback made by Prime Minister Boris Johnson on 16 October. Australia doesn’t have a commerce cope with the EU.
The second section of overview introduced by Glen will shut on 19 January 2021 and can enable stakeholders to have their say on future regulation.
Monetary Information reported that the Treasury had held preliminary industry-wide talks over the telephone or by way of video-conferencing platforms forward of the launch of the session.
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