Nick Bayley, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, was quoted in the Professional Adviser providing insight on the discussion points arising from the recent Asset Management Conference hosted by the Financial Conduct Authority (FCA) in London. One theme was Brexit and the lack of clarity surrounding future regulatory requirements after the United Kingdom leaves the European Union (EU). The FCA urged alignment between UK and EU regulation as negotiations to leave continue.
Nick said negotiations would need to offer the UK "some degree of flexibility to diverge from EU rules if it is to be an attractive location for financial firms in the future…If we diverge our rules away from the EU's, while continuing to meet international standards and achieve similar outcomes, the UK achieving equivalence should not be problematic. However, whether the current EU equivalence arrangements are appropriate or adequate for the UK is questionable."
Read the full article, here.