The chancellor will this week unveil an independent review of a key area of the EU’s Mifid-II reforms introduced in 2018 as part of a package aimed at boosting City competitiveness, Sky News understands.
Jeremy Hunt, the chancellor, will this week commit to a review of City ‘unbundling’ as part of a package of deregulatory reforms aimed at bolstering London’s post-Brexit competitiveness.
Sky News has learnt that Mr Hunt will announce as soon as Friday that the measures - dubbed 'Big Bang 2.0 in the City and Whitehall - will include a commitment to independently review provisions contained in Mifid-II, a Europe-wide law introduced in 2018.One of the key provisions in Mifid-II related to unbundling, or separating, of buying investment banks' research from costs incurred from the purchase or sale of securities, and was aimed at removing a potential conflict of interest.
Some City figures have argued that unbundling has hampered the City's competitiveness, although a 2019 review by the Financial Conduct Authority found that Mifid-II research rules were largely working as intended. Mr Hunt is expected to outline his package of financial services reforms at a roundtable meeting with industry executives in Edinburgh.
The chancellor is also likely to say that the ring-fencing rules established for Britain's biggest banks after the 2008 financial crisis will be relaxed, with the deposits threshold for participating lenders raised from £25bn to £35bn, according to one industry executive.
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