LONDON – Britain’s finance ministry should avoid crimping the independence of financial regulators by overloading them with requests for post-Brexit rule amendments, UK lawmakers said on Tuesday.
Having fully left the European Union at the end of December, Britain can now write its own financial rules as it seeks to sharpen London’s competitiveness as a leading global financial centre.
Some shareholder groups have suggested this could lead to lower standards, but Tuesday’s report from parliament’s Treasury Select Committee said that the independence of regulators from political interference must remain a key element of UK financial services regulation.
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"The committee does not believe there is compelling evidence for legislating to allow ministers the absolute right to see regulators’ policy proposals before they are published for consultation," the report said.
"Regulators must be free to choose what they share with the Treasury."