HOUSE OF LORDS
MPs explore ways to keep banks in post-Brexit EU landscape
The inquiry will examine the scope for Britain to adopt its own financial rules
London — British legislators launched an inquiry on Monday into how banks and insurers could maintain access to the EU market after Britain leaves in 2019. The House of Lords financial affairs committee said it would examine how regulation and supervision could evolve to ensure financial stability and potentially to maintain some form of close regulatory relationship to preserve access. The committee’s chairwoman, Kishwer Falkner, said there would need to be co-operation between British and EU supervisors and Britain would need to maintain its influence in global standard setting to maintain market access. Banks and insurers are already announcing plans to open new subsidiaries in the EU to ensure they can continue serving customers there after March 2019.
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