TheCityUK responds to Michel Barnier’s speech on UK financial services and passporting

TheCityUK has responded to a speech made by Michel Barnier at the Centre for European Reform on ‘The Future of the EU’, on 20 November. Within the speech, Mr Barnier said the legal consequence of Brexit is that UK financial service providers lose their EU passport.

Gary Campkin, Director Policy & Strategy, TheCityUK, said: 

For our industry, it isn’t the mechanism of the passport itself which is critical, it is the market access rights which passporting enables. That’s why we are seeking a bespoke deal which delivers the widest possible range of market access, similar or comparable to those we currently have. The best outcome will be a comprehensive and ambitious deal based on mutual regulatory recognition and cooperation. Achieving this would set a new gold standard for trade and investment agreements into the future and acknowledges the importance of services to both the UK and EU economies. Such a deal will enable the barrier-free market access that businesses and their customers and clients expect and require, keeping down costs and maximising efficiency.