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29 June 2020

FT: Recriminations fly between EU and UK over financial services


Talks over market access rights for City of London after Brexit make little headway

Britain and Brussels have accused each other of hobbling efforts to determine the City of London’s EU market access rights after Brexit, with a key milestone in the talks between the two sides set to be missed.

Valdis Dombrovskis, a European Commission executive vice-president, said the UK had so far answered only four of 28 questionnaires sent by Brussels seeking information about British regulation of the financial services industry after the Brexit transition period. The forms, sent to London in batches during April and May, are intended to allow Brussels to make decisions on whether the UK will have a regulatory regime for financial services broadly equivalent to the EU’s.

If the EU judges the UK regime to be equivalent to the bloc’s supervisory rules for financial services, Brussels is expected to grant market access to British companies, including banks and investment companies. But Mr Dombrovskis, who is in charge of financial services policy, told the Financial Times that the UK response to the questionnaires so far “does not allow us to complete our equivalence assessment work”. “So progress has been somewhat slower than expected,” he said.

British officials said it was the EU’s fault that talks between the two sides on financial services had stalled, and that Mr Dombrovskis’ claim that the UK was dragging its feet was “complete rubbish”....

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