London Since the UK left the European Union nearly three years ago, Brexit advocates have promised a “big bang” that will free UK financial services firms from the regulatory shackles of EU membership. Andrew Griffith, Secretary of State for the City of London, has now presented: “We can make Britain a better place for banks by freeing some of the capital trapped by fences over time,” the Conservative told a Financial Times banking conference in London this week.
So-called “ringfencing” was also introduced in the EU after the 2008 financial crisis at the initiative of Great Britain in order to better protect private clients from investment banking risks. To this end, the organization, supervision and capital buffer of mass business have been separated from investment business.
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