City calls for a review of regulators as Brexit is set to shake-up system

 
Helen Cahill
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The Bank of England will have new regulatory powers after the UK's exit (Source: Getty)

City voices are calling for financial services regulation to be updated ahead of Brexit.

The International Regulatory Strategy Group (IRSG) and Linklaters have urged the government to review the powers of UK regulators, arguing that new checks and balances will be required to make sure the system is coherent when the UK leaves the EU.

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In particular, the report recommends the review look at the responsibilities, oversight and funding of regulators to ensure the UK can be leading global standards after March 2019.

The FCA and the Bank of England will be handed rule-making powers currently held by European bodies after Brexit, making a review all the more urgent.

Mark Hoban, chair of the IRSG, and former Treasury Minister, said: “Whatever the outcome of the Brexit negotiations, the UK will continue to need an effective and internationally respected structure for financial regulation.

“We believe the system we have is already very good, but it will need to be updated to meet the challenges of Brexit.”

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