Source · Select Committees · Business and Trade Committee
Recommendation 16
16
Accepted
Prioritise financial services in EU relations and advance regulatory cooperation via the Forum.
Recommendation
The Government should prioritise financial services in EU relations by using the EU-UK Financial Regulatory Forum to build on previous best practice and advance regulatory cooperation. (Recommendation, Paragraph 76)
Government Response Summary
The government accepted the recommendation, affirming its commitment to working with the EU on financial services and stating it will continue to use the UK-EU Financial Regulatory Forum to deepen regulatory cooperation, build trust, and support cross-border financial services trade.
Government Response
Accepted
HM Government
Accepted
The Government welcomes the Committee’s recommendation on financial services, and is committed to working with the EU on this for our mutual benefit. We both share similar values, including a commitment to proportionate and effective regulation and to ensure global financial stability including through upholding high international standards. As the Chancellor said at Eurogroup in December 2024, we both face the same challenges – delivering growth, renewal of our infrastructure and the green transition. Financial services are a key part of the solution. They are the engine of the wider economy, channelling productive investment that will deliver sustainable economic growth for firms and citizens. We want to work with the EU to ensure that firms in the UK and the EU can access much needed investment as efficiently as possible. As part of that, the official-led UK-EU Financial Regulatory Forum meets twice a year. The Forum provides a valuable platform for informative and constructive dialogue between our respective authorities. We will continue to use this platform to deepen regulatory cooperation, build trust, and support the efficient functioning of cross-border financial services trade between the UK and the EU.