Financial Services Equivalence Recognition 2021-01-26
2021-01-26
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
Discussions on EU's response to UK's offer of equivalence for financial services, focusing on the relative starting positions.
What discussions he has had with his EU counterparts on equivalence recognition for financial services. Clearly, it would be disappointing if the EU could not follow the UK's offer on equivalence, given the relative starting positions.
Equivalence is an autonomous technical process that each side is undertaking separately. Officials have had a number of meetings with their counterparts in the Commission over the past 12 months to discuss each other's processes, and we remain open and committed to continuing dialogue with the EU about its intentions for equivalence.
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Assessment & feedback
The specific commitment on when or if the UK's offer will be followed by the EU was not provided.
Response accuracy
Q2
Partial Answer
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Context
Questions about the Government's ambitions with regard to mutual recognition of professional qualifications in the memorandum of understanding being discussed between now and March 2021.
Will my hon. Friend comment on the Government's ambitions with regard to mutual recognition of professional qualifications? What are those ambitions and does he hope that they will be achieved by the signing of the memorandum in March?
Alongside the trade and co-operation agreement, we had a joint declaration to establish a structured regulatory co-operation for financial services and to discuss a whole range of matters around equivalence determinations going forward. The memorandum of understanding will be agreed in discussions between the EU and UK by March 2021.
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Assessment & feedback
The specific ambitions or hopes regarding mutual recognition were not detailed.
Response accuracy
Q3
Partial Answer
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Context
The Brexit deal's impact on access to European markets for the UK's financial sector, and uncertainty around equivalence recognition.
Can the Minister confirm that it is in fact a Government negotiating aim to secure equivalence recognition for UK financial services in the memorandum of understanding being discussed between now and the end of March?
The equivalence granting process is an autonomous, separate process from the MOU discussion. The MOU is about a framework to evaluate the future direction of financial services across the EU and UK. I remain very ambitious for the financial services sector. The Chancellor and I are continuing to have a dialogue—with roundtables with representatives of the sector this week and next week, as well as one-to-one meetings—to ensure that we listen to the sector.
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Assessment & feedback
The specific negotiating aim for equivalence recognition was not confirmed.
Response accuracy