For much of the past five years there has been huge uncertainty about the post-Brexit direction for UK financial services regulation. Now, having been almost entirely ignored in the negotiations, and with the mirage of equivalence having finally disappeared, the government is looking to chart the future course for our industry. 

The recent report for the prime minister’s Task Force on Innovation, Growth and Regulatory Reform said "the UK’s departure from the EU after 45 years offers a one-off opportunity to set out a bold new UK regulatory framework," with the City’s deregulation of 1986 being cited as the model to follow.