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<p>In his Mansion House statement last July, the Chancellor set out the Government’s
vision for an open, competitive, green, and technologically advanced financial services
sector. A sweeping set of reforms to sharpen the UK’s competitive advantage in financial
services is already underway.</p><p> </p><p>In November, the Government published
the second consultation in its Future Regulatory Framework (FRF) Review. This provides
a once-in-a-generation opportunity to ensure that, having left the EU, the UK establishes
a coherent, agile, and internationally respected approach to financial services regulation
that is right for the UK. This includes proposals to repeal a significant volume of
retained EU law relating to financial services, so that the financial services regulators
can take responsibility for making the appropriate rules in these areas.</p><p>As
set out in the recent publication, <em>The Benefits of Brexit: How the UK is taking
advantage of leaving the EU, </em>the Government is actively seeking out opportunities
to tailor the regulation of our financial services sector, within the new framework
the FRF Review will deliver, through measures including:</p><p> </p><ul><li>A ground-breaking
Mutual Recognition Agreement with Switzerland.</li><li>Reforming our capital markets
through the Wholesale Markets Review and Prospectus Regime Review.</li><li>Establishing
a new Centre for Finance, Innovation and Technology.</li><li>Becoming the world’s
first net zero-aligned financial centre.</li></ul>
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