Source · Select Committees · Treasury Committee
Recommendation 6
6
The UK’s exit from the European Union has had an impact on the UK’s ability...
Conclusion
The UK’s exit from the European Union has had an impact on the UK’s ability to export financial services to the EU. However, it remains the case that the UK still has many competitive strengths as a global financial services centre. Brexit has served as a catalyst for a renewed focus on the competitiveness of the UK’s exports, including financial services. (Paragraph 45) 54 Future of financial services regulation
Government Response
Acknowledged
HM Government
Acknowledged
The government notes this recommendation. The UK has a range of tools to pursue new market access opportunities and closer regulatory cooperation in financial services with key international partners. The government works closely with the regulators to achieve progress. The government also operates a range of equivalence regimes and uses this as part of its range of tools to support the openness of the UK’s international financial services and facilitate cross border market access. The UK is also pursuing provisions in Free Trade Agreements (FTAs) to support its objectives to deepen longer term regulatory cooperation with key trading partners – for example, the UK’s FTAs with Australia and Japan include annexes on financial services regulatory cooperation. In addition, the UK is negotiating an ambitious financial services mutual recognition agreement with Switzerland.