Britain’s finance ministry on Friday set out plans to overhaul the financial sector, including a review of rules to make bankers accountable for their decisions and easing capital requirements for smaller lenders.
The City has been largely cut off from the European Union by Brexit, putting pressure on the government to ease rules as Amsterdam overtook London to become Europe’s top share trading centre.
“The government’s approach to reforming the financial services regulatory landscape recognises and protects the foundations on which the UK’s success as a financial services hub is built: agility, consistently high regulatory standards, and openness,” the finance ministry said in a statement.
Now dubbed the “Edinburgh Reforms”, the proposed reset had been trailed as “Big Bang 2.0”, a reference to the 1980s share trading overhaul, raising expectations of a big deregulatory push which left banks fearing costly systems changes.
The emphasis has shifted to reviewing and tweaking rules while remaining aligned with international norms, rather than any wholesale dismantling of regulations.
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