FCA chief executive Andrew Bailey has said that with less European Union involvement, the UK’s regulatory landscape would likely become more “practical”.

Speaking in London today, Mr Bailey said the FCA did not take a position on the substance of Brexit, other emphasising the need for a transition period to avoid “the cliff edge risks of a no deal outcome”.

However, he said it was “safe to say” there were EU rules the FCA would not have implemented had it not been forced to compromise in the past.

“If you look around the world, you find that wholesale financial markets are more commonly found i...