The Treasury Select Committee is launching a new inquiry into the future of the UK’s financial services once the UK has left the EU.
Miles Celic, Chief Executive Officer, TheCityUK, said,
This inquiry will cover important questions that have a critical impact on the long-term competitiveness of the industry. The UK is the world’s most international financial centre and a major contributor to the UK economy – it is vital that careful consideration is given to how we can retain this position and expand our trade links after Brexit.
“There is no appetite in the industry to take a bulldozer to our current regulatory framework, not least because much of EU regulation was written with the UK holding the pen. The UK’s reputation for quality regulation and high standards is a key competitive advantage. Firms continue to come to London, in part, because of the mark of quality this brings.
“When the UK leaves the EU, its regulatory framework will need to be updated to take on new areas which are currently dealt with at the EU level. A key part of this will be expanding public and political oversight of our regulators as well as making sure they have the additional resources they need to ensure the system remains proportionate, coherent and fit for purpose.”