Britain kicks off post-Brexit ‘transformation’ of finance

LONDON, July 19 (Reuters) – British financial regulators will have to promote the global competitiveness of the country’s financial sector, though a plan for more government oversight of their work has been put on hold for now, finance minister Nadhim Zahawi said on Tuesday.

Zahawi confirmed that a long-awaited financial services and markets bill would be introduced before parliament on Wednesday to “capitalise on the benefits of Brexit and transform the UK financial services sector”.

Bankers have been calling for speedy reforms to bolster London’s attractiveness as a global centre for finance after Britain’s departure from the European Union.

Amsterdam has already overtaken London as Europe’s top share trading centre, prompting Britain to ease listing rules as it tries to persuade chip designer Arm to have a London listing.

Zahawi said the bill, which includes cutting “excessive” capital buffers at insurers to invest in infrastructure, would unlock “tens of billions of pounds”, a step which pits it against a more cautious Bank of England.

The bill also cracks down on financial scams, ensuring vulnerable people and rural areas have access to cash, and introduces rules for using…