London is on a “terrific” trajectory, according to UK finance chiefs, who praise Brexit as a bonfire of despised EU rules.
FINANCIAL executives have praised Brexit as a “really exciting time” for the financial services industry, with the potential to eliminate significant swaths of EU bureaucratic regulation.
Industry experts spoke before the Treasury Select Committee, expressing their need for more flexibility outside of the EU. They stated that removing the United Kingdom from Brussels would enable it re-establish itself as a worldwide commercial powerhouse.
The Government’s assessment of existing laws, according to Chris Cummings, CEO of the Investment Association, is an opportunity to open up the industry.
“I believe this is an exciting time for the business to truly service its investors’ needs,” he said.
“We have an opportunity to modify policy so that, rather than looking at hurdles to saving and investing, we can really engage much more closely with the investing public, who we know have a real hunger to invest as a result of the pandemic.”
“The UK has a fantastic reputation for being an innovative center for investment management,” he continued.
“We can expand on that reputation both at home and abroad, to the benefit of the economy and savers in the United Kingdom.”
Working closely with the regulator to develop laws that better suit the requirements of investors and businesses, Mr Cummings said, will help to revive the economy.
Charlotte Clark, the director of regulation at the Association of British Insurers, echoed his sentiments, saying that changing poor, burdensome regulation while in the EU may take years.
She believes the UK would benefit from more flexibility and tighter partnerships between the regulator and businesses.
“Previously, financial regulation was agreed upon at a European level, and I believe those of us who have been involved in some of those can understand the disadvantages of that approach,” she said.
“In terms of modifying some of that regulation, it’s been really slow.
“However, it’s tough to question the intense scrutiny for modifications; it would take years, and we’d spend a lot of time scrutinizing them before they were implemented.
“As we go to a new system, the possibility for it to become more flexible is there.”
The Global Broking Centre’s Richard Dudley concurred, adding that creating legislation outside of the EU has “greater upside than downside.”
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