Source · Select Committees · Treasury Committee
Recommendation 7
7
There is a clear view from the financial services sector that co-operation between regulators is...
Recommendation
There is a clear view from the financial services sector that co-operation between regulators is more significant than trade deals for ensuring reciprocal market access for financial services. While trade deals can open up new markets for financial services, the Government should strive to make progress on mutual recognition as an element in any free trade agreement. (Paragraph 46) Regulatory objectives and priorities
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.