Beautiful Virgin Islands

Tuesday, Jun 03, 2025

City of London Calls for Regulators’ Help Competing After Brexit

City of London Calls for Regulators’ Help Competing After Brexit

With Britain on the verge of quitting the European Union, the country’s financiers are asking the U.K. government to revamp regulations to attract global business.
Watchdogs should have the power “to make the U.K. a better place to do business” through a new mandate to support London’s financial hub against rivals, according to the International Regulatory Strategy Group, a panel sponsored by the City of London Corp., which administers the financial district, and TheCityUK lobby groups.

The financial industry has faced an uphill battle to get its way in the negotiations over Brexit since the 2016 referendum. Much cross-border business depends on keeping close alignment with the EU’s rules, yet the U.K. government has signaled its willingness to break away on several fronts.

The U.K.’s withdrawal from the bloc on Jan. 31 offers a chance to review the financial rules “so that they continue to support global standards and reflect domestic priorities,” Mark Hoban, chair of the group and a former Treasury minister, said in a statement Thursday.

The report called for a broad review of the U.K.’s regulatory objectives, a consolidation of rules to lower costs on the industry and more transparency and scrutiny of watchdogs’ decisions. Still, the industry is keen to avoid a “regulatory race to the bottom,” the groups said.

Sajid Javid, chancellor of the exchequer, said last week that Britain doesn’t intend to simply align regulations with the EU after the U.K. leaves.

Any move to split from the rules in Brussels will likely complicate life for global banks that rely on hubs in London to access the EU’s markets. The EU will consider about 40 equivalence decisions this year that will determine how much equity, fixed-income and other investment banking business can remain in London and still serve clients on the continent.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×