The EU Financial Affairs Sub-Committee has received a response from John Glen, Economic Secretary to the Treasury, to its report, Brexit: the future of financial regulation and supervision, which was published on 27 January 2018.
The Committee published its report, Brexit: the future of financial regulation and supervision, on 27 January 2018. The report highlighted the risks of market fragmentation and instability if the UK and EU cannot agree a post-Brexit deal on mutual market access. The report urged the Government to clarify the outcome it wants from phase two of the negotiations and the need for this clarity to avoid firms activating costly and potentially irreversible contingency plans. The Committee also concluded that any future increase in the powers of domestic regulators should not result in an unintended deficit in democratic scrutiny and accountability.