Lords EU Committee presses the Government for further clarity on future UK EU relationship in financial services
The House of Lords EU Services Sub-Committee has written to the City Minister John Glen MP about UK-EU equivalence decisions in financial services, future UK-EU regulatory cooperation and the role for Parliament in the UK's future regulatory framework for financial services.
The letter asks important questions such as:
- When will the Government's own equivalence decisions be announced? Will these only be published alongside the EU's decisions?
- How would the voluntary regulatory framework mooted by Michel Barnier differ from the structured dialogue being proposed by the Government? What further reassurances can be given that such a structured dialogue would not “severely limit the EU's regulatory and decision-taking autonomy”, as suggested by Mr Barnier?
- How will the Government ensure there is sufficient parliamentary scrutiny of the UK's future regulatory framework?
Click here to read the letter from the Committee's Chair, Baroness Donaghy, to John Glen MP, Economic Secretary to the Treasury and City Minister.