EU has no excuse to exclude UK financial services from free trade deal - FCA

Written by Adam Cadle

The EU has no excuse to financial services being excluded from a post-Brexit free trade deal between the UK and the EU, the FCA has argued.

Speaking at a Future of the City dinner in London, chief executive Andrew Bailey said: “In the approach the EU took to the Transatlantic Trade and Investment Partnership (TTIP) negotiations with the US, where the EU pursued a trade agreement which included provision for financial services.”

“The US wasn’t ready for such a move, but this doesn’t take away from the fact that to its credit, the EU proposed such an arrangement. And what this meant was a proposal for close regulatory co-operation which could underpin broad mutual recognition and thus a commitment to ensuring open markets.

“The European Commission drafted a TTIP chapter on financial services. So, it turns out that it can be done, and moreover there is an extant proposal from the EU which could be a good starting point for UK-EU mutual recognition. The EU has also taken over 200 equivalence decisions on third country jurisdictions in financial services.

“So, when I hear that there is not a single trade agreement open to financial services, I think, 'really?'. And, it would not have to involve a loss of regulatory autonomy.”

    Share Story:

Specialist FTB and BTL markets
Adam Cadle talks to Vida Homeloans director of sales - mortgages Louisa Sedgwick about the specialist first time buyer and buy to let markets


Subscribe to our newsletter to receive breaking news by email.

MoneyAge welcome
MoneyAge Editor Adam Cadle discusses the brand and what is on offer

World Markets (15 minute+ time delay)