UK financial sector to forge new post-Brexit market model

Britain’s financial services industry has commissioned a report to lay out what needs to be done to keep London a globally competitive financial centre, which it said would span law and regulation, market practice and cultural change.

Britain is moving to reform its financial rules after the City was largely cut off from the European Union by Brexit, and as decisions by companies to list in New York raise questions about London’s ability to compete globally.

Sector body the Capital Markets Industry Taskforce (CMIT), which commissioned the report, said it aims to ensure that Britain remains a leading global financial centre that supports the development of high-growth UK and international companies.

“It will be a comprehensive, concise, and easily understandable report that sets out the new market model needed to help deliver growth across the broader UK economy,” CMIT said in a statement.

Critics say a change of mindset is needed to persuade pension funds to invest in UK companies, and for shareholders to allow higher pay for CEOs to retain top talent in Britain.

This report’s information was first seen on REUTERS; to read more, click this link.