Don’t Bank On Financial Services Access, Barnier Warns UK

The EU’s chief Brexit negotiator has sought to temper British enthusiasm for a comprehensive deal on financial services after Brexit, underscoring the much more limited EU-US relationship in the sector as a model to follow.

Speaking at the European American Chamber of Commerce on Tuesday, Michel Barnier emphasised the EU’s consistent view that third countries outside the single market cannot participate in the free exchange of financial services.

“The UK still wants continuity. It would want the EU to accept UK standards by means of a system of mutual recognition,” he said.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial