City of London

Major lobby groups for the City of London are unhappy with the government’s plans for the UK’s financial services sector after Brexit.
The City of London Corporation described the paper as “a real blow for the UK’s financial and related professional services sector.”
The government says it will seek a system of regulatory equivalence, rather than the previously mooted mutual recognition arrangement.

Major City of London lobbying groups are unhappy with the government’s plans for the UK’s financial services sector after Brexit, following the release of Prime Minister Theresa May’s white paper on exiting the EU.

Under current rules, the UK uses the financial passport — a set of rules and regulations which allow UK-based finance firms to trade with and sell their services into Europe — but stands to lose those rights after Brexit. As such, a new plan for the financial services sector must be created.

Two groups — the City of London Corporation, and The City UK — have expressed their displeasure at new plans from May’s government, which will seek a system of regulatory equivalence, rather than the previously mooted mutual recognition arrangement.

“Today’s Brexit white paper is a real blow for the UK’s financial and related professional services sector,” the …read more


Source:: Businessinsider – Finance

      

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