MPs investigate post-Brexit plan for FS

The Treasury Select Committee has launched a new inquiry into the future of the UK’s financial services once the UK has left the EU.

The committee will examine what the government’s financial services priorities should be when it negotiates the UK’s future trading relationship with the EU and third countries.

It will also look at how the UK’s financial services sector can take advantage of the UK’s new trading environment with the rest of the world, and whether the UK should maintain the current regulatory barriers that apply to third countries.

Nicky Morgan, chair of the Treasury Committee, said that London is the world’s premier financial centre, “and many of us want to keep it that way”.

She stated that: “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.”

Morgan explained that the UK may converge, seek equivalence, or diverge from the EU, with the committee set to examine the risks and rewards of each of these choices.

“We’ll also explore the opportunities outside Brexit, such as FinTech, on which we should be capitalising,” she added.

After taking evidence from industry, regulators, ministers and officials, the committee will make a series of recommendations to the government and regulators about what it should prioritise.

“We’ll also seek to conclude whether it would be in the long-term interests of the UK to align closely with EU financial rules, or to forgo financial services trade with the EU and pursue trade with other third countries,” concluded Morgan.

    Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.