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UK should frame its own financial rules after Brexit: Lloyds Bank chairman

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UK should frame its own financial rules after Brexit: Lloyds Bank chairman

Lloyds Banking Group Plc chairman Norman Blackwell said the U.K. must have a say in framing financial rules after Brexit, Reuters reported Jan. 31.

"We couldn't allow our financial services to be dictated to without having a say in how those regulations work," Blackwell said, referring to the EU's principle of equivalence in terms of which the U.K. would have to align its laws with those of the bloc.

Britain's financial sector has proposed that the U.K. and the EU enter into a "mutual recognition" pact in terms of which each side would accept the essential elements of each other's laws.

The City's financial services sector is eyeing "a free trade agreement with additions to it," he said, adding that Europe was aware of the need to reach an "arrangement that suits the interests of both sides."