December 9, 2022

The U.K. government on Friday announced extensive reforms to financial regulation that it says will overhaul EU laws that "choke off growth."

The package of 30 measures includes a relaxation of the rule that requires banks to separate their retail operations from their investment arms. This measure — first introduced in the wake of the 2008 Financial Crisis — would not apply to retail-focused banks.

The government also confirmed it will review rules around the accountability of top finance executives — another post-2008 regulation. The Senior Managers Regime, introduced in 2016, means individuals at regulated firms can face penalties for poor conduct, workplace culture or decision-making.

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