FCA's Bailey eyes 'lower burden' regulatory regime post-Brexit

'Outcome-focused' approach

The UK could develop an "outcome focused" and "lower burden" approach to financial regulation after leaving the European Union, while still maintaining "equivalence" with other jurisdictions across the world, chief executive of the Financial Conduct Authority (FCA) Andrew Bailey has said.

Setting out his vision for "the future of financial conduct regulation" in London on Tuesday (23 April), Bailey (pictured) said Brexit "will be a defining factor" in the construction of a post-EU regulatory regime and the FCA's approach. FCA devotes more than 300,000 man-hours to Brexit Bailey explained that "left to our own devices… the UK regulatory system would evolve somewhat differently" to that of the EU regime, with the country's regulators emphasising "principles" gained from "practical experience", over "detailed rules that can tend to become overly set in stone". He gave ...