LONDON (Reuters) - Britain’s markets watchdog urged his European counterparts on Tuesday to work jointly to address risks from Brexit, saying unilateral action by the United Kingdom would only offer second-best measures.
Regulators in Britain are worried about potential disruption to financial stability unless mechanisms are in place to ensure that cross-border derivatives contracts and insurance policies remain enforceable after Britain leaves the bloc next March.
“Now is the time for the UK and EU authorities to come together and work on the solutions to reduce the risks to financial stability that Brexit could pose,” Financial Conduct Authority Chief Executive Andrew Bailey told the City Week conference.
While it was necessary for Britain to take unilateral actions to address some of the Brexit risks to markets, this is a “distinctly second best solution” for everyone, Bailey said.
“Let’s get on with it please,” he added.
Reporting by Huw Jones, editing by Louise Heavens