In a speech at the Future of the City dinner, Andrew Bailey made the case for mutual recognition of regimes, adding that he sees constructs, such as TTIP, as a useful basis for the UK/EU future relationship within financial services.
Commenting on Andrew Bailey’s speech at the Future of the City dinner, Miles Celic, Chief Executive Officer, TheCityUK, said,
Andrew Bailey is absolutely right to underline the importance of a Brexit deal with mutual regulatory recognition at its heart. His ‘can do’ approach to how this could work in practice underlines the foresight and agility with which British regulators have approached this challenge. We look forward to a similar commitment of cooperation from European counterparts on this matter.
Not only would mutual regulatory recognition provide a framework to manage regulatory convergence or divergence, it would also allow for continued open financial markets – something that is in the interests of customer and clients across the UK and the EU. The economics of this proposal make good sense. It is the solution that works best for customers. Let’s hope that others now also prioritise a common sense approach.