Government consultation detaches UK regulation from the EU post-Brexit

FCA and PRA acting as two separate entities

clock • 2 min read
Government consultation detaches UK regulation from the EU post-Brexit

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be awarded new powers as the UK detaches from EU frameworks post-Brexit, according to a government consultation.

The consultation, The Financial Services Future Regulatory Framework Review: Proposals for Reform, sets out government plans to maintain the current regulatory structure in the UK, with the FCA and PRA acting as two separate entities with delegated responsibilities. The two bodies will need to consider how the financial services industry in the UK can grow and compete internationally when setting out new rules on how to thwart malpractice, the Treasury said in a statement. "The plans would...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Income Protection

PG Mutual partners with Validium on wellbeing counselling services

PG Mutual partners with Validium on wellbeing counselling services

24/7 helplines available to members

Hemma Visavadia
clock 13 May 2022 • 1 min read
Unum pays out over £200m in group IP claims in 2021

Unum pays out over £200m in group IP claims in 2021

Total pay out of £366m

John Brazier
clock 06 May 2022 • 1 min read
AFM members paid out 94% of IP claims in 2021

AFM members paid out 94% of IP claims in 2021

Totalling £34 million

John Brazier
clock 06 April 2022 • 2 min read