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January 28, 2019

UK begins inquiry into future of financial services post Brexit

The UK’s Treasury Committee has started an inquiry into the future of the nation’s financial services firms after Brexit.

Among the key areas of the Committee’s focus will be the government’s financial services priorities while negotiating the UK’s trading relationship with the EU and third countries.

The Committee will examine how the UK can benefit from pursuing trade with other third countries.

Another issue of consideration will be whether the UK should retain the existing regulatory constraints applicable to these countries.

The Committee will also assess other issues including fintech.

Treasury Committee chair Nicky Morgan 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.”

The Committee will make recommendations to the government and regulators after taking evidence from the industry, regulators, ministers and officials.

The UK has not yet struck a divorce settlement with the EU. As contingency planning, various financial services firms have launched new EU bases in order to ensure uninterrupted access to EU markets after Britain’s departure from the bloc.

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