London’s financial industry moots post-Brexit court to ensure UK law doesn’t stray too far from EU rules

The City of London has “no appetite” for a bonfire of EU regulations after Brexit, representatives of UK-based financial firms said yesterday, as they unveiled plans for a dispute resolution body to limit how far British law can change after the UK leaves the bloc.

The judicial panel would have the power to strip access to the EU from a sector where fresh British laws moved too far away from standards set by Brussels.

It is inspired by the EFTA court for EU relations with countries such as Norway. The EFTA court takes instruction from EU judges but is not technically under the direct jurisdiction of the European Court of Justice.

Ending the Luxembourg court’s supremacy over British law is a red line for Britain in the Brexit negotiations, which continue this week in Brussels. Negotiators are trying to break the deadlock over the so-called Brexit bill, Ireland and citizens’ rights. The EU…

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