The European Securities and Markets Authority has confirmed that certain discussions related to Britain’s departure have excluded the UK itself.
The confirmation, which did not provide further clarification, is consistent with what the British financial regulator claims is currently happening. Financial Conduct Authority (FCA) chief executive Andrew Bailey has revealed that FCA has been shut out from some talks, according to a report by the
Financial Times.
“There are times when they want to discuss Brexit without us being present, and there are issues they want to discuss amongst themselves, so we have a bit of shuttling in and then shuttling out,” said Bailey, as quoted by the report.
Sharing the same dynamics now are the Bank of England’s Prudential Regulation Authority and the European Banking Authority, according to the report which cited officials.
Last year the British Insurance Brokers’ Association (BIBA) said the FCA has played an important role in the development of the financial services regulations that are applied across Europe. Prior to the Brexit negotiations, BIBA highlighted the importance of having comparable regulatory regimes in order to continue the free flow of business between the European Union and the UK.
“In a post-Brexit economy, regulation will be an even bigger factor for foreign investors in deciding where to place capital investment and it is vital that our regulatory regime helps the UK actively compete,” added BIBA in a letter sent to the government ahead of the talks.
Meanwhile, the London Market Group sees Brexit as an opportunity for the current regulatory environment to be reviewed to ensure that domestic regulation remains proportionate and that London is not put at a disadvantage.
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