UK finance industry calls for new forum to police EU access

LONDON - Britain’s financial sector wants a new forum to oversee how the UK and European Union are maintaining access to each other’s financial markets after Brexit.

Access to the EU for investment banks, exchanges and clearing houses in Britain, will depend on Brussels finding them “equivalent”, or compliant with rules that are as robust as those in the EU. The IRSG is backed by the City of London financial district and TheCityUK, which promotes Britain’s financial sector abroad.

Andrew Bailey, who becomes Bank of England governor next month, said on Wednesday it would be unusual for Britain not be granted equivalence given all EU rules are now in UK law.In its draft mandate for trade talks with Britain, the EU refers to an appropriately structured cooperation on regulation, but on a voluntary and informal basis.

“It’s positive there is a reference to dialogue in the EU trade mandate, but creating token dialogue won’t help,” Mackel told Reuters.

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