The UK must have the freedom to adopt tougher regulation of the financial services industry than the EU after Brexit, says Bank of England governor Mark Carney.
Carney told MPs that Britain frequently had higher standards for the sector than the rest of the EU and, as the BoE must regulate the “most complex financial system in the world”, it needed to retain that power.
His comments come after the government published a white paper on the UK’s post-Brexit relationship with the EU, including proposals for Britain to have greater flexibility on regulation of the financial services industry, but less market access to the bloc.
Continue reading
This content is not freely available. To access 'BoE wants more freedom to set tough rules' you need to be one of the following:
ACA student
This content is available to ACA students. If you want to start the ACA qualification there are several routes you can take
Business and Finance Professional
An internationally recognised designation and professional status from the ICAEW.
Financial Services Faculty: Banking
Expert analysis of trends and challenges in banking and technical resources in financial reporting, auditing and regulation.