FCA CEO Says Brexit Won’t Impact on Finance Becoming More Global

The transcript discusses the impact of Brexit on financial regulation, emphasizing the global alignment of regulations post-crisis. It highlights the Bank of England's role in regulatory responsibilities and the importance of regulatory experience for its leadership. The future UK-EU financial relationship is expected to be based on equivalence and predictability. The discussion concludes with a focus on supporting open global financial markets and outcome-based agreements.

What is the main argument against reducing financial regulation post-Brexit?

• It would make the UK less competitive globally.

• Global regulation is becoming more aligned, not less.

• It would increase the cost of financial services.

• It would lead to a loss of jobs in the financial sector.

Why is regulatory experience important for the next governor of the Bank of England?

• To ensure compliance with international trade agreements.

• To manage the Bank's monetary policy effectively.

• To handle the Bank's significant regulatory responsibilities.

• To oversee the Bank's investment strategies.

What is the key focus for financial services in the Brexit process?

• Increasing investment in technology for financial services.

• Reducing taxes on financial transactions.

• Developing a future relationship based on equivalence with the EU.

• Establishing new trade agreements with non-EU countries.

What should be the foundation of agreements with other countries according to the speaker?

• Mutual recognition of financial products.

• Outcomes based on clear principles.

• Strict adherence to EU regulations.

• Reduction of trade barriers.

What is emphasized as a clear endpoint for the UK's financial market process?

• Exclusive trade agreements with the EU.

• Regional financial market dominance.

• Open global financial markets.

• Increased regulation within the UK.