MPs launch future of UK鈥檚 financial services enquiry
25 January 2019 London
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The UK Treasury Committee will examine what the UK Government鈥檚 financial services priorities should be when it negotiates the UK鈥檚 future trading relationship with the EU and third countries.
It will also look at how the UK鈥檚 financial services sector can take advantage of the UK鈥檚 new trading environment with the rest of the world.
As well as this, they will discuss whether the UK should maintain the current regulatory barriers that apply to third countries.
This follows the letter written in October 2018 by Nicky Morgan鈥檚 MP, chair of the treasury committee, which was sent to the Bank of England and Financial Conduct Authority (FCA) to clarify the committee鈥檚 expectations about timing and content of this work.
In the letter, Morgan wrote: 鈥淭aking into account of the potential for a 鈥榥o deal鈥� scenario, either in the event either of a breakdown in negotiations, or a Parliamentary vote against the withdrawal agreement, the analysis should consider the consequences of leaving the EU on 30 March without a Withdrawal Agreement, separately and at an equivalent level of detail.鈥�
鈥淭he FCA may also wish to consider a third scenario, in which the UK leaves the EU with no trade agreement at the end of a transition period. The baseline for all scenarios should be at the present situation.鈥�
Meanwhile, the notification window for the temporary commission regime, which opened on 7 January 2019, closes at the end of 28 March 2019.
It will also look at how the UK鈥檚 financial services sector can take advantage of the UK鈥檚 new trading environment with the rest of the world.
As well as this, they will discuss whether the UK should maintain the current regulatory barriers that apply to third countries.
This follows the letter written in October 2018 by Nicky Morgan鈥檚 MP, chair of the treasury committee, which was sent to the Bank of England and Financial Conduct Authority (FCA) to clarify the committee鈥檚 expectations about timing and content of this work.
In the letter, Morgan wrote: 鈥淭aking into account of the potential for a 鈥榥o deal鈥� scenario, either in the event either of a breakdown in negotiations, or a Parliamentary vote against the withdrawal agreement, the analysis should consider the consequences of leaving the EU on 30 March without a Withdrawal Agreement, separately and at an equivalent level of detail.鈥�
鈥淭he FCA may also wish to consider a third scenario, in which the UK leaves the EU with no trade agreement at the end of a transition period. The baseline for all scenarios should be at the present situation.鈥�
Meanwhile, the notification window for the temporary commission regime, which opened on 7 January 2019, closes at the end of 28 March 2019.
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