British lawmakers say EU financial market access may not be worth it

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The City of London may be better off staying out of the EU's financial services market as it would have to sacrifice autonomy over setting rules to win full access, a report by Britain's upper house of parliament said on Wednesday.

LONDON - The City of London may be better off staying out of the EU’s financial services market as it would have to sacrifice autonomy over setting rules to win full access, a report by Britain’s upper house of parliament said on Wednesday.

Brussels will consider whether to grant full access, known as equivalence, once it has agreed a memorandum of understanding with Britain on a new forum for cooperating on financial rules, an agreement that is due by the end of March. Britain has already published proposed changes to regulations covering company flotations and financial technology firms, and will also amend solvency rules for insurers.

 

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