It may seem like a long time ago, in a galaxy far far away, but when the UK voted to get out of the European Union many hoped it would mean less red tape.

However, top dogs at the Financial Conduct Authority were swift to line-up and state leaving the European Union would not result in a bonfire of regulation for the financial services industry.

Within days of the Brexit vote Andrew Bailey, chief executive of the FCA, said: “This [Brexit] is not going to lead to a bonfire of regulation. What will come out critically depends on the agreement the government reaches.”

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