Lloyds of London chairman sees 'no regulatory nirvana' after Brexit

Speaking at the group's annual general meeting, John Nelson said contrary to some of the claims made by supporters of the 'Leave' campaign, there would be no material drop in the regulatory burden facing firms if Britain left the bloc.

"I have said, if we wanted to maintain our trade with the EU, we would have to comply with EU regulation in any event, and I see no sign that the UK regulators themselves want to deregulate – in fact, regrettably, I see signs of the opposite."

He also said politicians were "irresponsible to pretend that the benefits of a single market can be replicated outside of the EU".

The comments come weeks after he said, post-Brexit, Lloyd's would be a less appealing place for overseas investors to do business.

(Reporting By Sinead Cruise; editing by Simon Jessop)