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.