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What should financial regulation look like after COVID-19?

Gavin Stewart, Director in Grant Thornton’s Financial Services Group, who spent 27 years as a regulator at the Bank of England, Financial Services Authority and Financial Conduct Authority, considers how crises have impacted regulation in the past and how that might affect the response to the COVID-19 pandemic. He has written this article in a personal capacity.

The COVID-19 crisis, though not financial in origin, has already had a profound impact on financial regulation. 

Almost invariably a major financial crisis or regulatory failure is followed by major reform to the regulatory system.