House of Commons · General Debate
16 June 2020 · 4 other contributors
Opened by John Glen Con Salisbury
Summarised by AI from the official record, so it can contain mistakes.
John Glen raised concerns about exiting the european union: financial services and markets in the House of Commons. Other MPs contributed to the debate.
Key points
MPs spoke in turn to share their views and ask questions. Here's what each person said.
Opened the debate
Moves the motion to approve draft regulations that seek to replicate at national level the regulatory regime for financial services currently in place at EU level, focusing on money laundering, supervision, central counterparties, cross-border distribution of funds, and maintaining pre-Brexit relationships with Gibraltar.
Expresses concerns over the weakening power to co-operate internationally on money laundering, loss of passporting rights for financial services due to withdrawal from the single market and EU itself, lack of guarantee that UK's regulatory regime will be seen as equivalent by the rest of the EU, challenges in completing equivalence assessments within a tight timeline, and increased functions and powers granted to Treasury, Bank of England, and Financial Conduct Authority without enhanced accountability. Criticises government’s policy on erecting new trade barriers between UK financial services and the EU.
Welcomed the right hon. Member for Wolverhampton South East to his place and expressed concern about the corrections in statutory instruments due to Brexit. Criticised the Government's approach to financial services regulations, highlighting missed opportunities to be part of shaping EU benchmarks proactively. Stressed the negative impact on jobs and economy, especially in Scotland which voted against Brexit.
Paid tribute to Jo Cox and welcomed the Minister and new shadow Minister. Highlighted the need for consumer protection in financial services post-Brexit. Raised concerns over OTC derivatives regulation, citing past issues during the 2008-09 financial crisis. Requested response on Business Banking Resolution Service legacy cases.
Responded to points made by the right hon. Member for Wolverhampton South East, the hon. Members for Glasgow Central and Strangford. Addressed issues related to money laundering reference language, cross-border dynamics, and equivalence frameworks during transition periods. Acknowledged the need to rectify mistakes in financial services regulations but emphasised that having freedom to set rules does not mean automatic divergence from EU standards. Stressed the Government's commitment to supporting growth of financial services across the UK, particularly outside London.