On November 20, the UK’s House of Commons Treasury Committee published a press release announcing the launch of a further inquiry into the future of the UK’s financial services sector following the end of the Brexit transition period (the Press Release).

The key objectives addressed by the Treasury Committee in the Press Release include:

  • examining how financial services regulations should be set and scrutinized by Parliament as EU directives will cease to govern new rules and regulations;
  • considering the government’s financial services priorities while negotiating trade agreements with third countries;
  • considering how regulators are funded and whether financial services regulations should be consumer-focused; and
  • recommending how the government, public bodies and the financial services sector can ensure that the United Kingdom remains a leading financial center.

The Treasury Committee published a call for evidence which offers further detail on the scope of the inquiry and an associated webpage.

The deadline for the call for evidence is January 8, 2021.

The Press Release is available here.