archiveFinancial Conduct Authority

The Brexit agreement between the EU and the UK controversially did not include any commitments on financial services, although the then prime minister Boris Johnson said it would be preferable if it had done so.However, the trade agreement was accompanied by a (political rather than legal) joint declaration committing the two sides to agree a memorandum of understanding on financial services regulatory cooperation by March 2021.The MoU was duly agreed but has since existed in limbo, having not been formally signed off by the EU’s institutions.Costs will increase for cross-border firms...

The Financial Conduct Authority boss has said the country has to compete for investment, including from UK pension funds, arguing that this competition is about far more than regulation.Speaking at the Global Investment Management Summit today (March 29), Nikhil Rathi, chief executive of the FCA said there has been a focus recently on the sharp decline in UK pension and insurance funds investment in UK equities.  He said: “Reasons for a fall in defined benefit allocations from over 50 per cent in UK equities in 1992 to less than 2 per...