Ease rules to make London more competitive, industry officials say

By Huw Jones and Carolyn Cohn

LONDON, April 26 (Reuters) - Rules are becoming more flexible for financial firms after Brexit but more needs to be done to cut red tape and keep London globally competitive, senior industry officials said on Tuesday.

Following its departure from the European Union, Britain faces industry and lawmaker calls to ease some of the tighter regulations introduced after the global financial crisis over a decade ago.

Britain has held over 30 public consultations on market reforms and has already eased listing rules.

"The pendulum is swinging back in the right way," Bruce Carnegie-Brown, chairman of the Lloyd's of London insurance market, told the annual CityWeek event.

He welcomed the finance ministry's intention to give regulators an objective to keep London globally competitive, but added that checks were needed to measure progress to get a better balance between risk and return on investment.

Last year Lloyd's had 200 separate meetings with its regulator at the Bank of England, Carnegie-Brown said.

"Really? Were those meetings productive and useful, were they a good use of people's time, what did they achieve? So the proportionality of this needs to be reviewed," he said.

London has largely held its own since Brexit, still second only to New York as a global financial centre, with the exodus of jobs to EU hubs far lower than initially feared, but industry wants faster reforms.

The City of London, which administers the capital's financial district, said on Tuesday the capital continues to hold the top spot in attracting the number of inward investment projects in financial and professional services.

It attracted 114 projects last year, worth 1.1 billion pounds ($1.4 billion), second only to the United States in monetary terms.

Beatriz Martin Jimenez, group treasurer at UBS bank, said diverging from EU rules could be a huge advantage for the UK as long as it remained an open financial centre.

"We think that this could put the UK in a stronger position," she said.

Miles Celic, CEO of TheCityUK, which promotes the UK financial sector abroad, said the tax system and being able to hire from overseas is a large part of improving competitiveness.

"Ideally I would like to see a group bringing government, industry and regulators together," Celic said.

($1 = 0.7862 pounds)

City of London leader calls for tougher reform to shed
'laundromat' tag ID:nL5N2WK4ZK

Reporting by Huw Jones; editing by David Evans

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。