Wednesday, 13 March 2019 14:46

Spring Statement: UK financial services laws could change

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Chancellor Philip Hammond in the Commons today. Source: BBC TV Chancellor Philip Hammond in the Commons today. Source: BBC TV

Brexit could be followed by significant change to financial services regulation in the UK, Chancellor Philip Hammond indicated today in his Spring Statement.

In his Written Ministerial Statement following the Spring Statement, the Chancellor said it was “vital that the UK remains an open and competitive place to do business.”

He said the government was ready to make changes to ensure the UK maintained its competitive edge in financial services.

Depending on the nature of the EU withdrawal, he said he would not hesitate to overhaul UK financial services legislation to ensure the UK remained a major competitor in global financial services markets and retained high standards of financial regulation.

He said: “Following consultation later this year, the government will legislate as necessary to ensure that in the immediate period after we leave the EU, the UK can maintain world-leading financial services regulatory standards, remain open to international markets, and realise new trading opportunities.

On a ‘Future Financial Services regulatory framework’ he said: “Ahead of the Summer, the government will set out its approach to consulting on how to ensure our Financial Services regulatory framework adapts to our new constitutional position outside the European Union.

“This includes the need to ensure financial stability is delivered through an effective regulatory framework, with the responsiveness necessary for a dynamic and open financial services sector and an appropriate level of democratic accountability.”

The FCA has already been steadily detailing its plans, particularly in the event of a so-called ‘no-deal’ Brexit.

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