UK Watchdog Says Banks Must Still Apply EU Rules

Britain’s financial markets watchdog will continue to apply all European Union rules until there is clarity on future relations with the bloc, the UK’s markets regulator said on Tuesday.

Britain voted last month to leave the EU, raising questions about whether banks and investment firms will continue to have access to the bloc’s single market or which rules would apply.

“As a starting point, I would emphasize that the UK remains a member of the EU until such time as things change, and so all our rules continue to apply, whether they originate in the EU or not,” Financial Conduct Authority (FCA) Chief Executive Andrew Bailey said.

Reuters

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.