Britain's City minister warns regulators over competitiveness remit

(Adds comment) LONDON, May 15 (Reuters) -

Britain will do more to make regulators take the financial sector's needs into account if they don't apply their new competitiveness remit, UK financial services minister Bim Afolami said on Wednesday. There will be an update on how regulators are applying their new remit in coming months to aid the sector's growth and international competitiveness, Afolami said.

"Be assured, we will go further if needed, if things are not developing in the way that we would all like to see," Afolami told an event at UK Finance, the banking industry body, adding that he was confident the new remit would bring about change.