Brexit is a tragedy for EU financial services regulation

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

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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-

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