On August 31, 2016, the House of Lords EU Sub-Committee on Financial Affairs published a webpage announcing the launch of an inquiry into Brexit and financial services in the UK. The Sub-Committee will begin its inquiry with two evidence sessions concentrating on the consequences of the referendum result for financial services and potential future arrangements.
The issues to be considered by the inquiry are as follows:
- The reaction of financial services firms to the outcome of the EU referendum result
- The possibility of the relocation of financial services firms from the UK
- Priorities for the UK financial services sector in the withdrawal negotiations and in negotiating a future relationship for the UK with the EU
- Equivalence rights to access the EU single market for the UK
- Financial regulatory co-operation between the UK and the EU under different models of EU membership
- A potential free trade agreement and the UK's financial sector
- Potential transitional arrangements
- The importance of passporting rights for firms operating in the UK
- Risks for retail customers and investors
- Considerations for non-EU firms wishing to gain access to the EU through the EU's equivalence regime
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