Although the UK left the EU in January, its unrestricted access to the EU market for banks and other financial firms will continue until December, when the transition agreement expires.
Financial Services Minister John Glen said Monday that the new financial services law will create a modern, flexible and robust system of financial regulations.
“The law will support the continued global competitiveness of the UK financial services sector by improving global prudential standards, promoting openness to international markets and maintaining the effectiveness of the financial services regulatory framework and the strength of the capital market,” Glen said.
The reference to global prudential standards will calm British regulators, who have warned not to weaken standards, when writing new regulations.
“Maintaining a strong and robust regulatory and supervisory system and achieving the highest international standards go hand in hand with Britain’s position as a global financial center,” said Christopher Woolard, who will step down as the Authority’s interim director general. for Financial Conduct.
The EU, the City of London’s largest customer, has announced that it will grant British clearing houses temporary access to its market, but will not allow London banks to provide direct services to EU customers, forcing them to relocate their businesses. new European centers.