Trade bodies are teaming up with lobbyists TheCityUK to produce a report on international regulatory standards after Brexit.
The report, to be finished by the end of April and carried out by law firm Freshfields Bruckhaus Deringer, will look at firms’ options for international regulations once the UK leaves the EU, and how these will work.
The study is gathering insights from the Investment Ass-ociation, the Wealth Management Association, the British Bankers’ Association and the Association of British Insurers, among other bodies.
WMA deputy chief executive John Barrass says: “We’ve supported for a long time the idea of how a set of international regulatory arrangements would work. Because we’ve been in the EU, we’ve always taken a shield behind the regional element; suddenly we’re not going to have that any more. We have to re-commit and create international standards, and in a good way with political power behind that and not just technical talk.
“Being outside the single market will put greater emphasis on the international standards that all the regions agree to.”
TheCityUK recently said the financial industry could lose £38bn if the UK were to quit the single market.
TheCityUK chief executive Miles Celic says: “Since the UK’s decision to leave the EU, TheCityUK has been considering its implications for the UK-based financial and related professional services industry – the challenges and the opportunities it may bring – and providing these insights to Government to assist with their preparations for the Brexit negotiations.
“As part of this programme of work, Freshfields Bruckhaus Deringer is undertaking some detailed analysis to examine the possible legal impact of Brexit on the industry. This will build on our already substantial evidence base that seeks to demonstrate how the industry can continue to play a key role in contributing to and underpinning future prosperity and success across the UK.”