HM Treasury responds to House of Lords Review on Financial Services after Brexit

Industry News | 27/05/20

HM Treasury has published a letter written by John Glen MP, Economic Secretary to the Treasury, to Lord Sharkey, Chair of the House of Lords EU Financial Affairs Sub-Committee, responding to the committee’s letter of 27 March 2020 to the Chancellor, Rishi Sunak. Mr Glen’s letter responds to each of the committee’s conclusions and recommendations on financial services after Brexit, including:
• equivalence and its importance
• improving the equivalence process
• outstanding risks of disruption
• a new approach to financial regulation
• giving regulators a competitiveness objective
• making rules fit for purpose
• opportunities for regulatory divergence
• the need for global regulatory cooperation and leadership.