The UK government is planning changes to "take back control" of UK financial services regulation after Brexit. Currently, the government and Treasury consider and legislate regulations which the EU, FCA and Prudential Regulation Authority (PRA) propose. But in a new consultation paper, the Treasury has proposed changes to the Financial Services and Markets Act (FSMA) which would mean the government would set ‘core elements of the regulatory approach' as well as the ‘specific purpose of the regime'. "Now we've left the EU, we can take back control of our financial services regulati...
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