LONDON - Britain’s regulators should have a formal role after Brexit to keep the financial sector globally competitive and less prone to “gold-plating” international norms, an industry think tank said on Thursday.
“Brexit does change the structure around regulation and we need to reflect that,” Mark Hoban, chair of the IRSG and a former UK financial services minister, told Reuters. “The use of the word competitiveness is often quite loaded,” said Julian Adams, regulatory and government relations director at insurer M&G, and chair of the IRSG report.
Britain will remain a member of international financial standard setters after Brexit, whose norms typically form the basis for national or EU laws that Britain has often “gold-plated” - or toughened up.
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