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UK financial sector won’t become a ‘Wild West’ after Brexit, says minister

Britain will make “judicious” changes to financial rules following Brexit to compete better with New York and Singapore but not become a “Wild West” that harms its global reputation, UK financial services minister John Glen said.

Britain fully left the European Union last December but Brussels has yet to say if it will grant market access for the UK’s financial sector, Glen told a Bloomberg event.

“In the meantime, we will continue to look at these opportunities and make judicious and well-founded changes,” Glen said.

Changes such as how much information should be disclosed on issuance of bespoke bonds “does not mean we are becoming the Wild West”, Glen said.

Britain has not gone down a “deregulatory route” in financial services since Brexit despite some initial expectations, Glen said.

“We know our reputation globally rests on us having high standards, but that does not mean we can’t do things differently,” Glen said.

“We are certainly not complacent.”
Source: Reuters (Reporting by Huw Jones, editing by Andy Bruce)

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