Government responds to the future of financial regulation and supervision report

On 27 January 2018, the House of Lords EU Financial Affairs Sub-Committee published its report, Brexit: the future of financial regulation and supervision. On 9 May 2018, the UK Government published its response to the report together with a covering letter from John Glen MP, Economic Secretary to the Treasury. Both the response and the covering letter are dated 26 March 2018. Points of interest in the report include: the final shape of the UK’s future financial regulatory and supervisory framework is dependent on the outcome of negotiations with the EU; the UK Government is committed to the full, timely and consistent implementation of agreed international standards. The UK has continued to push this message in fora such as the G20, recognising the need to avoid rolling back on reforms that could lead to a race to the bottom; the UK Government believes that the ‘onshoring’ of EU financial services regulation must deliver a UK regulatory framework that is…

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