This paper examines the impact of Brexit on UK financial services policy, explaining recent reforms to the domestic financial regulatory framework and assessing the prospects for future divergence from EU rules. Deploying the lens of de-Europeanisation, we show that the failure to include financial services in the final UK-EU Trade and Cooperation Agreement necessitated major institutional changes. By contrast, there has been very limited change to date with respect to policy, while the government’s ambitions for a ‘Big Bang 2.0’ package of regulatory reforms have been significantly scaled back. Drawing on insights from the political economy of finance, we argue that this process has been shaped by contested adaptational pressures mediated by three key variables: business unity, financial stability, and administrative capacity. The result is an emerging pattern of differentiated de-Europeanisation in financial services, ranging from intentional regulatory divergence to active alignment with EU rules.