Lords EU Committee invites fresh evidence to its inquiry on financial services after Brexit

The Committee is keen to hear evidence on the priorities for the future UK-EU relationship in the financial services sector and the potential consequences if no free trade agreement is reached.

The Committee wishes to update its knowledge and understanding following the evidence taken on financial services between January and March 2020.

The Committee’s questions include:

1. Is the UK financial services sector well prepared for the end of the Brexit transition period? What are the main areas where arrangements are not yet in place? Could a lack of certainty prompt companies to move assets and personnel to the EU? How have these preparations shaped the UK financial services sector?
2. How important is a UK-EU comprehensive trade agreement for the UK’s financial services sector? Which specific areas should be a priority?
3. What would be the implications of a ‘no agreement’ scenario for financial services firms? What more can be done to help the financial services sector prepare for a ‘no agreement’ scenario?
4. What would be the consequences if the EU does not grant the UK positive equivalence determinations? In what areas are equivalence decisions particularly important?
5. How important is it that any positive equivalence determinations are underpinned by an agreed framework for the orderly withdrawal of equivalence?
6. How should future UK-EU regulatory dialogue be structured? How should divergence be managed?
7. The Government has now published the Financial Services Bill and Financial Services Future Regulatory Framework Review consultation paper. What are the strengths and weaknesses of these proposals?
8. What impact could a greater delegation of powers to financial regulators have? What oversight should there be of these bodies?
9. How could the absence of a positive data adequacy decision from the EU impact the sector?

The Committee invites interested individuals and organisations to submit written evidence to this inquiry by 20 November 2020.

The Committee is particularly keen to hear from practitioners and small businesses across the UK, including the regions and devolved nations.

Read the full call for evidence to find out how to submit evidence.

More about this inquiry, Financial services after Brexit

The EU Services Sub-Committee is chaired by Baroness Donaghy. Its predecessor, the EU Financial Affairs Sub-Committee, launched the inquiry in early 2020 and in March published its findings in a long letter to the Chancellor.