Bespoke Brexit deal 'achievable' and not cherry picking, City watchdog argues

Bespoke Brexit deal 'achievable' and not cherry picking, City watchdog argues

Speaking to City A.M. on the sidelines of the City Week conference, held at London's Guildhall, Dombrovskis said: "We expect close cooperation in the financial sector with the United Kingdom after Brexit - close regulatory and supervisory cooperation".

Britain has proposed a future trade agreement with its financial services unit, based on a bilateral recognition of regulations in the sector, and this model is expected to be maintained through close co-operation between regulators and legislators.

But so far European Union policymakers have so far rejected the idea, saying it has never been done before on such a scale.

Financial Conduct Authority chief executive Andrew Bailey said that without a fully secured transition period - which is not yet legally binding - the risks could impact both Britain and the bloc.

"Some of the views from member states who are more economically liberal, more outward looking, who regret most our departure, are much more pragmatic about out future relationship".

Catherine McGuinness, policy chief for the City of London, home to the Square Mile financial district, said mutual recognition was the "only game in town".

The so-called equivalence system is based on Brussels granting access to the European Union for banks, insurers and asset managers from outside the bloc if the bloc deems their home rules to be similar enough.

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Last December Switzerland's stock exchange was only given temporary equivalence access, angering the Alpine state, whose minister for worldwide finance, Joerg Gasser, cautioned Britain about going down the same road.

"I have no doubt that the end of this public negotiation, we will find a solution".

The head of the City watchdog has attempted to keep bankers' Brexit hopes alive hours after a top European Commissioner shot down plans for a so-called mutual recognition deal.

Financial stability is far too important to engage in a standoff.

"European trade in financial services to the City is obviously important. but it is not life and death", Blackwell said.

Some EU policymakers fear that Britain will ease rules for banks in a bid to keep London as a dominant global financial centre after Britain leaves the EU next March. But John Glen dismissed the possibility by saying that London did not intend to make drastic changes after Brexit.

"For the moment we can not assume that such arrangements will be in place and so the United Kingdom authorities have also set out plans for unilateral action in the United Kingdom to minimise cliff-edge risks, providing continuity for firms doing business in the United Kingdom and confidence for their customers", he said in a speech prepared for the City Week conference at Guildhall in London.

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