City of London gives on full 'passporting' post-Brexit, eyes new finance pact
The City of London has given up hopes of retaining full 'passporting' access to customers in the European Union post-Brexit as it instead focuses on a possible trade pact for financial services.
Lobbying group TheCityUK, whose board is headed by Barclays chairman John McFarlane and includes members of the City of London Corporation, British Bankers' Association and Investment Association, called for the UK government and the EU to agree limited market access for the financial services industry, accept each other's regulations and allow free access to market infrastructure and free cross-border data flows.
The group issued a report on Thursday to push for an "equivalence" arrangement, saying it was engaging with the government to try and arrange a smooth Brexit for the industry.
"The industry has been working closely with the Government to help identify key priorities for the negotiations," said Miles Celic, chief executive of group.
"We have been clear to stress these should include interim arrangements, access to global talent and expertise, and a bespoke deal based on mutual recognition and regulatory cooperation."
He told Reuters that organisation was confident its document covered the key priorities for the industry, as it was an effort to "filter down" all key demands into a single report after various other bodies and thinktanks had issued more detailed documents.