Britain's post-Brexit reforms to buttress the financial sector's global competitiveness are not a "damp squib" and are proceeding as fast as possible, the government said on Wednesday.

Britain's departure from the European Union largely cut off the financial sector from the bloc, forcing banks, insurers and asset managers to open hubs in the EU.

Decisions by UK companies such as chip designer Arm Holdings to list in New York have also raised concerns about the City's international attraction to investors.

Parliament's Treasury Committee said in a report in December that the UK measures to ease listing rules and other changes, collectively dubbed the Edinburgh Reforms, were a "damp squib" so far, rather than the promised "big bang".

"I particularly reject any suggestion that the reforms will not have a substantial impact on the UK economy and the competitiveness of the UK financial services sector, or that the reforms could be responsibly delivered any faster than they are progressing," Britain's financial services minister Bim Afolami said in a response to the report published on Wednesday.

"Delivering ambitious regulatory change is a multi-step process that requires careful work, including industry consultation."

He said the Edinburgh Reforms have been welcomed by industry, and that he remains focused on delivering them to ensure Britain's financial services sector "maintains its world-leading position".

Bank of England Deputy Governor Sam Woods came under pressure from the Treasury Committee this month to speed up reforms.

The EU is reforming many of its financial rules in a similar way and is ahead in some cases.

Woods told lawmakers the reforms were proceeding at a "good pace", and that industry did not want too many reforms introduced at the same time.

(Reporting by Huw Jones Editing by Ros Russell)