EU and UK Industry Joint Statement in Support of the EU-UK Financial Regulatory Forum

Representatives of the EU and UK-based financial services industries met today in Brussels to discuss their respective priorities and shared challenges on the eve of the latest EU-UK Financial Regulatory Forum meeting and agreed on the following statement.

The EU-UK Financial Regulatory Forum is an important platform for fostering constructive dialogue and collaboration between the EU and the UK in financial services. Industry recognises and supports the Forum’s valuable role in facilitating the exchange of information and comparing approaches to future regulatory initiatives. The Forum is also an important mechanism for fostering relationships between key officials and continuing to build trust.

Financial services will be essential in delivering the current growth and competitiveness missions in the EU and UK economies. The Forum’s establishment and continued operation provides a mechanism for understanding regulatory changes between the EU and the UK on financial stability, sustainability, digitisation, and other key priorities in the financial services sector.

The financial services industry in the EU and the UK also supports having a more ambitious, forward-looking and transparent dialogue via the Forum. This could play a role in looking at how to increase regulatory cooperation between the EU and the UK and how industry can operate efficiently and effectively in a globally competitive market. It can also serve as a platform for sharing best practices on how well-functioning markets can help address shared challenges. Finally, the Forum also presents the opportunity to coordinate EU and UK positions wherever possible within the context of broader global governance and cooperation in financial services, such as in the Basel Committee, IAIS, and IOSCO, ensuring that the region’s perspective is strongly represented and influential within global standard-setting bodies.