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

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam