The Financial Conduct Authority must fight "any sort of regulatory race to lower standards" ahead of the UK's impending exit from the European Union, according to its outgoing chairman.

John Griffith-Jones, in his last speech as FCA chair, told attendees at an event hosted by trade group TheCityUK on Wednesday that navigating Brexit would be one of the market regulator's greatest challenges. Griffith-Jones, who became the first chair of the then newly-formed regulator in 2013, leaves the FCA on March 31.