Responding to the House of Lords EU Financial Affairs Sub-Committee report, ‘Brexit: financial services’, which highlights the importance of agreeing a transitional period to bridge the gap between leaving the EU and whatever new deal is agreed.
Miles Celic, Chief Executive of TheCityUK, said:
The report is right to focus on the importance of agreeing transitional arrangements. These should be confirmed in detail as soon as possible after the start of the Article 50 negotiations.
This is not just an issue for financial services. Many other industries, especially highly regulated ones, share the same concerns. Not only is an orderly Brexit in the interests of the UK, it is also important for the EU and the rest of the world. Clear interim agreements for the time between the end of the two-year Article 50 period and the implementation of new deal will help to ensure smooth and efficiently functioning markets, investor protection, and certainty and continuity for customers and clients.