Leaders driving Brexit finance reform exit in quick succession; Financial Services and Markets Bill due later this month
The resignations of Chancellor Rishi Sunak and John Glen, economic
secretary to the Treasury, sent shock-waves across financial firms,
while the escalation of ministerial resignations Wednesday triggered
questions about how long new appointments including Nadhim Zahawi as
chancellor would stay in their posts.
“Is Sunak’s vision the same
as Zahawi’s for financial services? That remains to be seen,” said
Miles Celic, chief executive officer of TheCityUK, which represents
financial and professional services firms.
The departures of Sunak and Glen threaten to delay several
efforts by the UK to reshape financial regulation now it is outside the
European Union. The government has planned reforms of insurance solvency
rules and said it would open up small investor access to private
equity. Prime minster Boris Johnson has also recently promised a review
of mortgage rules.
Industry lobbying groups were busy Wednesday
crafting communications to new cabinet members, including Zahawi, laying
out key policies they hope aren’t lost among the political chaos. ...
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