Commons Sense

House of Commons · Written Ministerial Statement

Financial Services Update

25 March 2020 · Treasury

Proposed by John Glen Con Salisbury

BrexitBusiness & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The statement addresses measures to ensure a smooth transition for financial services regulations post-Brexit.
  • HM Treasury will retain and extend the 'Temporary Transitional Power' (TTP) for two years after the Transition Period.
  • This extension allows regulators to gradually implement changes to regulatory requirements.

Issue summary

The statement addresses the ongoing measures taken by HM Treasury to ensure a smooth transition for financial services regulations after the UK's departure from the EU.

Action requested

HM Treasury will retain and extend the 'Temporary Transitional Power' (TTP) for two years post-Transition Period, allowing regulators to phase in changes to regulatory requirements.

Key facts

  • Over 50 EU Exit Statutory Instruments were made under the European Union (Withdrawal) Act 2018.
  • The Transition Period lasts until 31 December 2020.
  • The TTP was introduced via the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019.
  • The TTP will be available for use by regulators for two years after the Transition Period ends.
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