LONDON (Bywire News) - On Tuesday, the financial services minister, John Glen said, the government will make "judicious" reforms to the financial rules post-Brexit, in order to help the nation compete with New York and Singapore. However, it will ensure the sector's global reputation is not damaged and does not become a "Wild West".
Glen said during a Bloomberg event, that despite the UK formally leaving the European Union last year December, but a decision from Brussels on whether or not it will give market access for UK's financial sector is yet to be made.
He stated, "In the meantime, we will continue to look at these opportunities and make judicious and well-founded changes."
Glen added that any new reforms, will "not mean we are becoming the Wild West."
Glen said, "We know our reputation globally rests on us having high standards, but that does not mean we can't do things differently,"
"We are certainly not complacent."
(Reporting by Huw Jones, editing by Andy Bruce and Klaudia Fior)