Lords EU Committee presses the Government for further clarity on future UK-EU relationship in financial services

The House of Lords EU Services Sub-Committee has written to the City Minister John Glen MP about UK-EU equivalence decisions in financial services, future UK-EU regulatory cooperation and the role for Parliament in the UK’s future regulatory framework for financial services.

The letter asks important questions such as:

• When will the Government’s own equivalence decisions be announced? Will these only be published alongside the EU’s decisions?
• How would the voluntary regulatory framework mooted by Michel Barnier differ from the structured dialogue being proposed by the Government? What further reassurances can be given that such a structured dialogue would not “severely limit the EU’s regulatory and decision-taking autonomy”, as suggested by Mr Barnier?
• How will the Government ensure there is sufficient parliamentary scrutiny of the UK’s future regulatory framework?

Click here to read the letter from the Committee’s Chair, Baroness Donaghy, to John Glen MP, Economic Secretary to the Treasury and City Minister.

Notes to editors

1. The House of Lords EU Services Sub-Committee considers matters relating to the UK’s relationship with the EU in the services sector. This includes trade in financial and non-financial services, as well as UK-EU cooperation in the areas of science, education and culture. The Sub-Committee conducts inquiries in these areas and scrutinises relevant EU documents, asking questions and raising concerns through correspondence with UK Ministers.