his is, therefore, a clear implication that Brexit has on the SMRC, despite the fact that the EU law has no bearing on this domestic regime.

Furthermore, it is clear that another likely impact of Brexit on the regime is the potential for the UK to strengthen and develop the regime and bolster its reputation as a country of smart regulation. This sentiment has been expressed by commentators: “with Brexit negotiations about to commence, it is even more crucial for the UK to bolster public assurances in the financial services sector because…recent bank scandals have demonstrated that the combination of market uncertainty and corporate misconduct can create an economic crisis. This calls for robust regulations and good leadership to promote confidence. Therefore, the answer is to strengthen legal accountability and nurture better leadership”. Particularly taken in the context of the fact that the SMRC is entirely UK based and no other European country has implemented, or has indicated plans to implement, a similar regime, this will largely insulate this important and popular regime from any damage Brexit may cause to the sector. Moreover, there is considerable scope for the SMRC to be developed. There is a convincing case to be made that this will not only lead to a greater focus on accountability for those in positions of power in the industry, but also to a more resilient insurance and banking as well as wider financial services sector. Brexit, therefore, provides an opportunity for the UK to develop its existing and unique SMRC, which will burnish the integrity and regard of the British financial services industry and continue to differentiate the UK from European competitors. As addressed, whilst there may be more issues with regard to regulatory enforcement in EU/EEA countries which share similar regulatory standards, it is clear that the impact Brexit will have on the SMRC is minimal and, furthermore, the regime could be developed and play an even more important role in shaping the UK financial services industry’s integrity and strength.

All things considered, the day after the UK leaves the EU, the UK’s domestic legal regime on financial services will remain unchanged. The landmark pieces of legislation: The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 will remain in place. EU standards will be retained and