UK’s European Affairs Committee launches UK-EU financial services inquiry

The UK’s European Affairs Committee in the House of Lords has launched an inquiry into how the UK and EU’s relationship in the financial services sector.

According to GOV.UK, the inquiry will examine the impact so far on the UK financial services sector of the UK’s departure from the EU Single Market, as well as the impact of the absence of a functioning framework for UK-EU regulatory cooperation.

The inquiry will also look into the future of cross-border UK-EU financial services trade in the absence of equivalence and will measure the impact of regulatory divergence and agreements with third countries on UK and EU financial services trade, as well as consider the ongoing timeline between the two markets.

The UK government is currently examining potential changes to its regulatory regime for financial services and has commissioned a number of reviews into potential changes.

The European Affairs Committee expects to report by May 2022.

In September last year, a Lloyds Bank survey found that banks believe London will maintain its leading global financial center status despite the regulatory uncertainty posed by Brexit.

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