The Press and Journal (Aberdeen and Aberdeenshire)

Peers in plea over dialogue with EU

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Peers have written to Chancellor Rishi Sunak urging the UK Government to establish “structured dialogue” between the UK and EU to support cross-border financial services after Brexit.

A House of Lords EU financial affairs sub-committee review heard evidence from financial regulators, insurers, bankers, asset managers, academics, representa­tives from industry bodies and Treasury Economic Secretary John Glen.

Evidence “strongly pointed” to the need to stabilise the future UK-EU relationsh­ip in financial services, while also making the most of new opportunit­ies after Brexit.

In its letter to the chancellor, the committee raised the following key points:

“Atsomepoin­t negotiatin­g a relationsh­ipwith EUisneeded”

• Structured dialogue between the UK and EU will be essential for future co-operation in financial services and managing equivalenc­e.

• The UK should avoid becoming a “rule taker” and look for targeted adjustment­s to improve the regulatory regime.

• UK financial regulators should be granted greater powers after Brexit, subject to appropriat­e parliament­ary scrutiny.

Committee chairman Lord Sharkey said: “While the government is quite rightly focusing on the coronaviru­s pandemic, at some point it will need to return to considerin­g the future of the UK’s financial services sector and negotiatin­g its relationsh­ip with the EU.

“When it does, it should pay particular attention to how it will work with the EU to support cross-border financial services and manage any future divergence.”

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