Finance

Financial services rules in crosshairs as government forms ‘Brexit opportunities’ unit

The government is looking to roll back EU regulations as lead negotiator David Frost sets up a new unit to explore “Brexit opportunities”.

Financial services rules are in the crosshairs as Frost begins a search for someone from outside of government to head up the team, the minister for UK-EU relations told MPs on the European Scrutiny Committee, CityAM reported.

“It’s been mentioned over the weekend that we are looking at financial services regulations and seeing what we can do now we are able to move on from EU arrangements for financial services,” Frost said. “We will be doing this on other areas.

“I am on the key committees responsible for this, we are also creating a new unit to work with me on this subject and we’ll be recruiting shortly for a head of this unit from outside government.”

READ City bigwigs return to Europe as Covid speeds up Brexodus

“We shouldn’t accept we are in the EU’s regulatory orbit for these purposes, we do need to go our own way of doing things and our own philosophy behind it.”

The comments come in the wake of a review into the UK listings regime by Lord Jonathan Hill, the former European Commissioner for financial stability, financial services and capital markets union.

Lord Hill recommended a number of changes to ensure that the UK remained a competitive market in the wake of Brexit, including getting the chancellor to update MPs annually on the state of the City and loosening listings rules to attract more initial public offerings to London.

READ Downing Street calls on EU to resolve Brexit issues as financial services deal hangs in balance

While many business groups continue to express concerns over trade relationships in the wake of Britain’s departure from the EU, Frost told the committee that many teething issues had now been resolved.

“There have been some isolated incidences of EU customs officials or national customs officials complaining about the wrong stamp or the wrong colour pen,” CityAM reports Frost telling the MPs. “I think they are relatively isolated actually and the operational relationship between the agencies concerned is actually pretty good.”

To contact the author of this story with feedback or news, email Justin Cash

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