Britain announced plans Friday to ease banking rules brought in after the 2008 global financial crisis in a bid to attract investment and secure London's status as Europe's leading finance center.
Treasury chief Jeremy Hunt said the changes, which follow Britain's departure from the European Union in 2020, will make the U.K. “one of the most open, dynamic and competitive financial services hubs in the world.”
Last year, Amsterdam overtook London as Europe's largest share-trading hub, though London remains the biggest financial services center overall. He added, however that “it is important for people not to overplay this; there is no sense of any move back to a pre-financial crisis world. Most of the U.K. regulatory regime reflects either international commitments or policy developed over many years to reflect the lessons of experience.”
Separately, the U.K. financial regulator fined Santander bank 108 million pounds Friday for lax controls against money-laundering. It said the bank was slow to close suspicious business accounts between 2012 and 2017.
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