Government consultation detaches UK regulation from the EU post-Brexit

FCA and PRA acting as two separate entities

clock • 2 min read

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be awarded new powers as the UK detaches from EU frameworks post-Brexit, according to a government consultation.

The consultation, The Financial Services Future Regulatory Framework Review: Proposals for Reform, sets out government plans to maintain the current regulatory structure in the UK, with the FCA and PRA acting as two separate entities with delegated responsibilities. The two bodies will need to consider how the financial services industry in the UK can grow and compete internationally when setting out new rules on how to thwart malpractice, the Treasury said in a statement. "The plans would require the FCA and the PRA to consider both the implications for growth and international compe...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read
Industry reacts: Autumn Budget 2024

Industry reacts: Autumn Budget 2024

Missed opportunities for health

Cameron Roberts
clock 31 October 2024 • 5 min read
Autumn Budget 2024: OBR predicts rise in IPT haul

Autumn Budget 2024: OBR predicts rise in IPT haul

Rate unchanged by Chancellor

Cameron Roberts
clock 31 October 2024 • 2 min read