01.25.2019

UK Reviews Post-Brexit Financial Services

01.25.2019

The Committee examines what the Government’s financial services priorities should be when it negotiates the UK’s future trading relationship with the EU and third countries.

It will also look at how the UK’s financial services sector can take advantage of the UK’s new trading environment with the rest of the world, and whether the UK should maintain the current regulatory barriers that apply to third countries.

Chair’s comments
Commenting on the launch of the inquiry, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, said:

“London is the world’s premier financial centre, and many of us want to keep it that way.

“Brexit will have a significant and long-lasting impact on the financial services sector, including the insurance, retail banking and asset management sectors, in the UK, the EU, and potentially the rest of the world.

“The UK may converge, seek equivalence, or diverge from the EU. As part of our new inquiry, the Treasury Committee will examine the risks and rewards of each of these choices.
“We’ll also explore the opportunities outside Brexit, such as FinTech, on which we should be capitalising.”

“After we’ve taken evidence from industry, regulators, ministers and officials, we’ll make a series of recommendations to the Government and regulators about what it should prioritise in negotiations with the EU and the rest of the world.

“We’ll also seek to conclude whether it would be in the long-term interests of the UK to align closely with EU financial rules, or to forgo financial services trade with the EU and pursue trade with other third countries.”

Source: UK Treasury Committee

Related articles

  1. Brexit Vote Could Affect Emerging Market Flows

    Review of trading desks found that incoming banks did not yet retain full control of their balance sheets.

  2. UK Launches Asset Management Review

    UK has a greater market share than pre-Brexit for on-venue execution of GBP interest rate swaps.

  3. AFME Warns on ‘Brexit’

    Recognition has been temporarily extended until 30 June 2025.

  4. The trade repository has been providing UK services since the first business day after Brexit on 4 Jan 2021.

  5. Brexit Muddles Future of UK-EU Linkage

    European firms could operate temporarily in the UK after Brexit while seeking full authorisation.