The EU financial affairs sub-committee of the House of Lords has been busy meeting with stakeholders to examine the future of financial services in the UK in terms of the rules that will govern the sector.
Yesterday (February 05) the sub-committee continued oral evidence sessions with witnesses such as Association of British Insurers deputy chair Julian Adams, who is M&G Plc’s director of public policy and regulation, and his stand centres on partial divergence.
In Adams’ view, Britain need not adapt all of the European Union rules currently in place and it may not be necessary to have equivalence in all financial activities. For instance, as Reuters reported him as suggesting, the wholesale market could benefit from a different approach.
Read more: Brexit’s done – what now for insurance?
The M&G director is looking at the possibility of having certain wholesale market rules amended, with the goal of enhancing London’s global competitiveness.
Also present at yesterday’s meeting was TheCityUK chief executive Miles Celic, who believes that where we align and diverge should be sorted out.
In a previous statement, in reaction to the government’s vision moving forward, Celic noted: “While the future UK-EU relationship will start from a shared rulebook, differences may emerge over time. The key, therefore, will be to agree how this process can be managed, and how any arising issues can be resolved.”
Next week the House of Lords sub-committee will hear from officials of the Financial Conduct Authority and Bank of England.
