London amends financial services law and removes EU points

The British Treasury announced that it is in the process of providing Financial Services and Markets It would end old societal regulations for the sector in the UK and “unlock tens of billions of pounds in investment” across the country. The government said in a statement that the project “Repeal hundreds of EU legislation” It establishes “a coherent, agile and internationally respected approach to regulating financial services that are It is in the interest of British citizens and businessesThe memo said this legislation would “implement the government’s vision” for the sector while “maintaining high levels of consumer protection”.

Economy Minister Nadim Al-Zahawi stated that, “By introducing this law, we are rescinding hundreds of heavy parts of societal regulations and Reap the benefits of Britain’s exit from the European Union to ensure that the financial sector works in the interests of British citizens and businesses.” A Downing Street spokesperson told EFE on Wednesday that the introduction of this law, which would significantly adjust the financial services sector by the government in duties – following the announcement of Prime Minister Boris Johnson’s resignation on July 7 ( July). It is entirely within his jurisdiction. The source defended that “the prime minister said there are certain things that we must continue to do to help people with the cost of living and other issues that affect them.”

He added that this financial reform has already taken place set out in the electoral platform by which Johnson was elected in 2019, so it does not imply a change of course or a related financial adjustment. In the Treasury statement, it was emphasized that the legislation gives financial regulators “greater responsibility for setting requirements for UK financial services and, for the first time, a new secondary objective for Enhancing the growth and competitiveness of the British economyIncluding the financial services sector. “Among other developments, the law includes a provision that would enable the government to compel regulators to revise its own rules “if it is in the public interest.” It also grants new powers to the executive branch and the regulators implement Mutual recognition agreementsIt is one of the points of tension between Brussels and London, as the European Union is currently resisting granting this status to the British sector.