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Britain sets out how it will regulate the City after #Brexit

Britain Sets out How it will Regulate the City after Brexit

LONDON – Britain “will adapt” capital rules for legacy insurers from the European Union as it regains control of its crucial financial services sector, Finance Minister Rishi Sunak said.
Britain left the EU in January and will no longer be required to follow the bloc’s financial rules after December when a transition period ends.
Sunak outlined on Tuesday how the government intends to regulate Europe’s largest financial sector, saying it would make reforms to maintain the strength of capital markets and manage future risks.
The EU capital rules for insurers, known as Solvency II, have been criticized by UK lawmakers for being too inflexible, and the government begins to review them in the fall.
“The government … plans to present a review of certain characteristics of Solvency II to ensure that it is appropriately adapted to take account of the structural characteristics of the UK insurance sector,” said Sunak.
Britain will also make existing retail client disclosure rules known as PRIIP work better, he said.
Outside the EU, Britain will be under more pressure to keep its financial services sector competitive globally.
The EU is Britain’s top export client for financial services, and Sunak said a “lasting future relationship” with the bloc would help complement the UK’s leading global role in financial services: “The government continues to believe the results Comprehensive mutual equivalencies between the UK and the EU are in the best interest of both parties, and we remain open and committed to continuing dialogue with the EU on their intentions in this regard. ”
Direct access to EU markets for Britain’s finance companies will depend on whether Brussels considers the UK’s rules to be “equivalent”, or as robust as those of the bloc. Both sides agreed that such an evaluation should be completed by the end of this month.
(Sahar News Monitoring Desk)

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