Given that the UK has historically exercised significant influence in the framing of EU regulations, the UK’s exit from the European Union should not in itself be the cause of instant or dramatic changes to financial services regulation in the UK. Nevertheless, there will be opportunities to tailor inherited EU regulations to the UK market, and to seek opportunities for simplification, while being mindful of continued compliance with global standards. The new regulatory framework should aim t...

Given that the UK has historically exercised significant influence in the framing of EU regulations, the UK’s exit from the European Union should not in itself be the cause of instant or dramatic changes to financial services regulation in the UK. Nevertheless, there will be opportunities to tailor inherited EU regulations to the UK market, and to seek opportunities for simplification, while being mindful of continued compliance with global standards. The new regulatory framework should aim to enable the regulators to respond more quickly and flexibly to new evidence about the effectiveness of regulation, and developments within financial mar Type: conclusion | Number: 2 | Paragraph: 21 | Response status: under_consideration Government response: The government notes this recommendation. Regulatory independence has been at the heart of the UK’s domestic model of financial services regulation for over two decades, as set out in Financial Services and Markets Act 2000 (FSMA), and this r