Chancellor Rishi Sunak has tasked the UK's regulators with keeping the country's financial services sector competitive in the wake of Brexit, as the government lays the path to throw out its old EU rulebook.

In proposals for a new framework for the UK's regulators, Sunak said he wanted to allow the Financial Conduct Authority and the Prudential Regulation Authority to replace rules set out by the European Union to support “an agile and dynamic approach to regulation that supports the growth of the UK economy.”