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Financial Services: EU Action

Question for Treasury

UIN 38132, tabled on 22 July 2021

To ask the Chancellor of the Exchequer, following the conclusion of technical negotiations for a UK and EU Memorandum of Understanding on financial services in March 2021, what timescale has been agreed for greater regulatory cooperation on financial services; and if he will make a statement.

Answered on

6 September 2021

Technical discussions on the text of the Memorandum of Understanding on financial services regulatory cooperation between the UK and EU have concluded.

The Memorandum of Understanding, once signed, will establish the Joint UK-EU Financial Regulatory Forum, which will serve as a platform to facilitate dialogue on financial services issues.

This is an important step toward normalising the future relationship on financial services between the UK and EU.

Formal steps need to be undertaken on the EU side before the MoU can be signed. For our part, we are ready to sign when the Commission is.

In the meantime, we are pressing onward with advancing our vision for our financial services sector.

At Mansion House, the Chancellor set out our vision for an open, green, and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens, creating jobs, supporting businesses, and powering growth across all of the UK.

The government is clear that the UK has a unique opportunity to assess whether it wants to do things differently, to ensure the financial services sector has the right rules and regulations for UK markets, and to build a system that continues to be one the rest of the world looks towards.

Our new chapter for financial services is already underway. The Chancellor set out that over the coming years, the government will implement a sweeping set of reforms to sharpen the UK’s competitive advantage in financial services; making sure they continue to deliver for communities and citizens across the UK; and working internationally to set higher standards around the world.

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