The Brexit Trade and Cooperation Agreement contained little in it for financial services. However, the focus on regulatory autonomy as opposed to maintaining existing UK access to the EU’s markets means that the UK Government and its regulators could diverge from EU rules if they choose to do so. It was with this in mind that the Chancellor of the Exchequer, Rishi Sunak, expressed his desire to reform financial services and deliver, using his phrase, “Big Bang 2.0”.

What might Big Bang 2.0 look like? We have compiled an inventory of the UK’s specific options to do things differently as a result of Brexit. These options span asset management, banking, fintech, pensions and other areas of financial services regulation.

Some of the reforms in our report are more significant than others both in terms of the potential benefits and the potential risks involved. There are also trade-offs involved in terms of consumer protections, financial stability and the UK’s ability to conclude financial services agreements, not only with the EU but also with other countries and regions.

In the months ahead, the debate about the future of financial services in a post-Brexit world will intensify. As the Government seeks to identify the “benefits of Brexit”, we hope that this report provides a useful summary of the options available.