The House of Lords EU Financial Affairs
Sub-Committee has written to the Chancellor of the Exchequer,
, to urge the Government
to establish a structured dialogue between the UK and EU to
support cross-border financial services and manage any future
divergence.
As part of its review of financial services
after Brexit, the Committee took evidence from the financial
regulators, insurers, bankers, asset managers, academics,
representatives from industry bodies and the Economic Secretary
to the Treasury, .
Evidence gathered by the Committee strongly
pointed to the need to stabilise the future UK-EU
relationship in financial services whilst also making the most of
the opportunities after Brexit.
In its letter to the Chancellor, the Committee
raised the following key points:
-
A structured dialogue between the UK and EU
will be essential for future cooperation in financial services
and managing equivalence.
-
The UK should avoid becoming a ‘rule taker’
and look for targeted adjustments to improve the regulatory
regime.
-
The UK financial regulators should be granted
greater powers after Brexit, subject to appropriate
parliamentary scrutiny.
, Chair of the EU
Financial Affairs Sub-Committee, said:
“While the Government is quite rightly
focussing on the coronavirus pandemic, at some point it will need
to return to considering the future of the UK’s financial
services sector and negotiating its relationship with the
EU.
“When it does, it should pay particular
attention to how it will work with the EU to support cross-border
financial services and manage any future
divergence.”
The full letter is available on the
Committee's webpage.
