Chancellor Jeremy Hunt will launch a major reform of the UK's financial sector, with plans to rip up red tape and replace a number of EU regulations
"Leaving the EU gives us a golden opportunity to reshape our regulatory regime and unleash the full potential of our formidable financial services sector."
The chancellor will outline more than 30 regulatory reforms, with hundreds of pages of EU rules to be reviewed, repealed, and replaced, ranging from disclosure for financial products to prudential rules governing banks. Among the rules in the spotlight is"ring-fencing" - the regulation that requires major banks to keep investment and retail banking separate.
This rule was brought in during 2019 and, according to the Bank of England, was designed to"increase the stability of the UK financial system and prevent the costs of failing banks falling on taxpayers".
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