MPs seek to avoid race to the bottom in post-Brexit City regulation

New subcommittee will scrutinise plans to change how watchdogs supervise the UK's financial sector

Cross-party MPs are forming a special group to scrutinise post-Brexit rules for City firms, amid concerns that the overhaul could result in a regulatory race to the bottom.

The new subcommittee, which will be run by Treasury committee members and advised by a panel of experts, is meant to make up for the fact that new rules are no longer being dissected by politicians from the European parliament's economic and monetary affairs committee, after the UK's exit from the EU.