A month on from the signing of the Trade and Cooperation Agreement (TCA) between the UK and the EU, TheCityUK is calling for the key unresolved and outstanding issues for financial and related professional services to be swiftly and transparently progressed.
In a paper published today, TheCityUK identifies six key areas for focus, including the need to agree the Memorandum of Understanding to establish a framework for future regulatory cooperation, progress on outstanding regulatory equivalence determinations, the importance of a long-term data adequacy agreement, the mutual recognition of professional qualifications, cross-border enforcement of judgments in civil and commercial disputes, and greater clarity for UK/EU business travel.
Miles Celic, Chief Executive Officer, TheCityUK, said,
Our industry is pragmatic about the increased friction to trade and cross-border transactions which have resulted from Brexit, but we should still seek to minimise this wherever possible. We urge both the UK and the EU to move quickly and get these additional agreements in place.
“The industry is as eager to see structured regulatory cooperation on financial services between the UK and the EU, as it is to prevent cross-border barriers to justice and ensure certainty on the movement of data. Allowing these issues to drag on will only disadvantage citizens and businesses on both sides of the Channel when we have so many other long-term challenges in common that we need to address.”