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Report: UK FCA head says Britain must retain access to EU single market


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Report: UK FCA head says Britain must retain access to EU single market

The new head of the U.K.’s Financial Conduct Authority said it was vitalthe country retained access to the EU's single market now that British votershave opted to leave the bloc, the FinancialTimes reported July 19.

The U.K. should also seek trade agreements with other nations even as itworks to define its trading relation with the EU, Andrew Bailey said at theregulator's annual meeting.

He added that the referendum decision is unlikely to lead to deregulationas many elements of financial regulation were either based on global rules orwere laws that should be retained for their own sake.

The former Bank ofEngland deputy governor also said he wants the regulator toreview its approach to consumer protection following criticism that the FCA hasbeen overly protective of some consumers and too hard on companies, Reutersreported the same day. Nonetheless, the FCA shouldnot opt for light-touch regulation, Bailey said.