UK seeks to preserve London's financial standing after Brexit; Regulators to focus on competitiveness, not just stability; Capital rules for insurers to be relaxed to boost investment; Zahawi pauses plan for more government oversight of regulators
British
financial regulators will have to promote the global competitiveness of
the country's financial sector, though a plan for more government
oversight of their work has been put on hold for now, finance minister
Nadhim Zahawi said on Tuesday.
Zahawi
confirmed that a long-awaited financial services and markets bill would
be introduced before parliament on Wednesday to "capitalise on the
benefits of Brexit and transform the UK financial services sector".
Bankers
have been calling for speedy reforms to bolster London's attractiveness
as a global centre for finance after Britain's departure from the
European Union.
Amsterdam
has already overtaken London as Europe's top share trading centre,
prompting Britain to ease listing rules as it tries to persuade chip
designer Arm to have a London listing.
Zahawi
said the bill, which includes cutting "excessive" capital buffers at
insurers to invest in infrastructure, would unlock "tens of billions of
pounds", a step which pits it against a more cautious Bank of England.
The
bill also cracks down on financial scams, ensuring vulnerable people
and rural areas have access to cash, and introduces rules for using
stablecoins, a type of cryptoasset, for payments.
"Consumers
will remain protected, with legislation ensuring that victims of scams
can be compensated while also acting to protect access to cash for the
millions of people that rely on it," Zahawi told guests at the City of
London's annual Mansion House dinner in the historic financial district....
more at Reuters
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