4/23, 4:06 PM (Source: TeleTrader)
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Brexit 'defining factor ' in UK's financial regulation - FCA

The United Kingdom's withdrawal from the European Union will "clearly be a defining factor" in the future financial conduct regulation, Financial Conduct Authority's chief executive Andrew Bailey (pictured) said on Tuesday.

"I do think that, left to our own devices, the UK, with its common law system and large, global financial markets, would construct financial conduct regulation in a rather different way," Bailey stated, adding the "post-Brexit system cannot and should not seek to deny or ignore strongly held views on consumer harm."

The head of the financial regulator expressed belief the UK's approach to the regulation would return to a more principles-based system and be less based on "detailed rules that can tend to become overly set in stone."

Breaking the News / MD