Reacting to the UK policy document outlining the approach to the future relationship between the UK and EU, Mark Turner, Managing Director within Duff & Phelps’ compliance and regulatory consulting practice had the following to say about the financial services sector and regulation:
“The policy paper released today shows that the UK is striking a more comprehensive and aggressive stance than the previous government. The government highlights that the trading arrangements already in place with counties outside the EU do not bind them to EU regulation in financial services and beyond. This appears to be the UK government’s view on the position they want for the UK.”
“As many of us suspected, the government implies that it is looking to ease regulatory burden as the UK exits the EU. Being able to have more autonomy on regulatory affairs certainly looks like a “red line” for the UK government, as it looks to the UK’s future role on the global stage outside the EU.”