In a letter dated 9 July 2018, Economic Secretary to the Treasury John Glen MP confirmed that the Government has decided against opting-in to the proposal for the Regulation of the European Parliament and the Council on the law applicable to the third-party effects of assignment of claims.

Mr Glen explains that the draft Regulation would have significant unintended consequences for financial services market practices in the UK. He also adds that the combination of rules applied in the proposal would lead to confusion and uncertainty, and may be legally contradictory.