The Truth About Brexit: Britain BETRAYED - ULTIMATE DOCUMENTARY 2023

[muriel_volestrangler]

2. I think you've got hold of a few wrong ideas

No, the City of London is not "specifically exempted from any oversight via British law". Nothing close to it. It has a separate police force from the Metropolitan Police - perhaps that has, via several layers of whispers, become what you heard?

Brexit was a net loss for financial firms in the City - they lost automatic access to providing EU services. They have managed to negotiate terms for continuing business, but it has been, as they said at the time, difficult for them. eg

The 2022 BIS Triennial Central Bank Survey shows that London remains dominant in FX trading, but
has lost share in euro interest rate swap trading to euro area centres after five Surveys showing gains.

London retains its pre-eminence in international banking, but its ties to the euro area have loosened
in part due to the shift of euro repo clearing from London to Paris.

https://www.bis.org/publ/bisbull65.pdf

London is the world’s leading international financial centre. While it is important not to overstate the impact of the UK’s membership of the EU, the single market has benefitted the City. As such, it is no surprise the financial sector was broadly in favour of remaining in the EU.

https://www.cer.eu/publications/archive/policy-brief/2018/brexit-and-financial-services-industry-story-so-far

And Brussels' financial regulators aren't the best in the world. While any extra scrutiny would be bad for the dodgy money-launderers etc., EU ones wouldn't scare them much (it's not as in the EU ones have done a great job of overseeing Cyprus, for instance).