July 22, 2020 / 2:45 PM / 20 days ago

High standards will keep City competitive, says incoming UK financial watchdog boss

LONDON (Reuters) - Maintaining high regulatory standards and not having a “competitiveness” mandate is the best way to keep Britain a dynamic financial center, the Financial Conduct Authority’s incoming chief said on Wednesday.

Some lawmakers want the FCA to have a competitiveness mandate to keep London a global financial center following Britain’s departure from the European Union, it’s biggest financial services customer.

“I have never been a massive personal fan of it,” Nikhil Rathi told a confirmation hearing in parliament’s Treasury Select Committee.

Reporting by Huw Jones; Editing by Toby Chopra

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