Last week the world saw the UK leaving the European Union, with a deal in hand. Dayna Camilleri Clarke spoke with British High Commissioner, Cathy Ward to discuss what Brexit means for the financial services sector.
“The finalised Free trade agreement (FTA) provides a stable foundation for the UK to develop our future relationship with the EU and facilitate new arrangements to promote international financial services trade. This means that the UK has full control over its legal and regulatory regime and can make the best decisions about what’s right for the UK in one of its most productive and innovative sectors” began Ward.
“But the UK was not prepared to adopt the EU’s rule book for financial services, as it would have limited the UK’s ability to set regulation that is appropriate for one of the world’s leading financial centres. UK-based firms have carried out extensive preparations to minimise risks of disruption relating to the loss of financial services passporting rights at the end of the Transition Period, and to ensure they can continue to do business with the EU. This is because the financial services passport is not available for firms based in countries outside of the EEA as they are based on the single EU rulebook for financial services.
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