The Treasury says it wants rules based on best international practice, balancing the burden on business with consumer protection.
Chancellor Jeremy Hunt will launch a major reform of the UK's financial sector, with plans to rip up red tape and replace a number of EU regulations.
He said:"This country's financial services sector is the powerhouse of the British economy, driving innovation, growth and prosperity across the country. Mr Hunt will outline more than 30 regulatory reforms, with hundreds of pages of EU rules to be reviewed, repealed, and replaced, ranging from disclosure for financial products to prudential rules governing banks.
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