Financial regulators to be given new powers post Brexit

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will be granted greater flexibility to update laws inherited from the European Union (EU) as part of the Government’s push to overhaul the financial industry after Brexit

Published on Tuesday, the Treasury has released another round of consultations on the Financial Services Future Regulatory Framework Review which proposes giving the Financial Conduct Authority (FCA) and the Bank of England’s (BoE) Prudential Regulation Authority (PRA) the powers to replace EU rules with new ones that are more closely tailored to the UK market.

The report states that this would support ‘an agile and dynamic approach to regulation that supports the growth of the UK economy.’

The government states that, at minimum, this proposal should extend to all EU regulations related to financial services which are retained by section 3 of the European Union Withdrawal Act 1972 (EUWA), all statutory instruments made under the European Union Communities Act 1972 (ECA) which are relevant to financial services,

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