On 4 February 2022, the House of Lords’ European Affairs Committee launched a new inquiry into the UK-EU relationship in financial services. The Committee expects to report by May 2022.

The key issues the Committee is seeking to address in its inquiry include the:

  • Impact so far on the UK financial services sector of the UK’s departure from the EU Single Market.
  • Impact of the absence of a functioning framework for UK-EU regulatory cooperation.
  • Future of cross-border UK-EU financial services trade in the absence of equivalence.
  • Impact of regulatory divergence and agreements with third countries on UK-EU financial services trade.