UK Finance comments on new joint EU-UK working group on financial services

The European Commission and HM Treasury have today asked the European Central Bank and the Bank of England to convene a technical working group on risk management in the period around 30 March 2019 in the area of financial services.

Responding, Chief Executive of UK Finance Stephen Jones commented: “Today’s joint announcement provides a significant and welcome step in ensuring that financial services firms can continue to meet the needs of their customers across the EU as well as the UK. It is positive to see the European Commission and the UK Government taking a pragmatic and prudent approach in managing potential risks in March 2019 resulting from the UK’s exit from the EU.

“We hope that this joint technical working group will be able to provide firms and customers on both sides of the Channel with sufficient legal and regulatory certainty around issues such as contractual continuity and access to data.”