LONDON (Reuters) - A trade agreement between Britain and the European Union should provide a predictable, transparent and business-friendly environment for financial services firms and regulators, UK Prime Minister Boris Johnson said on Monday.
“Given the depth of the relationship in this area, there should also be enhanced provision for regulatory and supervisory cooperation arrangements with the EU, and for the structured withdrawal of equivalence findings,” Johnson said in a written statement.
Banks, asset managers and insurers in London, Europe’s biggest financial center, will lose unfettered access to the EU once a transition period ends in December.
Future EU access will be based on Brussels deciding that UK financial rules are similar enough to those in the bloc. Banks have said the system is unpredictable and opaque.
Reporting by Huw Jones; Editing by Rachel Armstrong