Brexit is a tragedy for EU financial services regulation

Loss of influence belies critical role UK played in crafting sensible financial rules

As the world continues to digest the shock of the UK's vote to leave the European Union on June 23, spare a thought for the UK's financial regulators.

The reverberations of the referendum result will be felt far beyond the structured products market, but the industry offers a microcosmic example of legislation where the Financial Conduct Authority (FCA) has worked with the market and fellow regulators to engineer better regulation for all parties – most notably the Packaged Retail and Insurance-