Regardless of the outcome of Brexit, the Square Mile is set for tighter financial regulation — despite some politicians’ hopes for a bonfire of red tape, a KPMG report concludes.

In a report published on October 3, KPMG argued that the UK’s historical tendency to opt for strict rules governing financial services firms, and for strong interpretations of EU and global regulations, is unlikely to alter, meaning that “UK financial regulations will only get stricter in future”.