The government’s Brexit white paper has hinted
that the UK could adopt a form of third country status for
financial services. But it falls short of providing any
additional detail on what the UK’s relationship
with the EU would look like.
According to the document, the UK will be aiming for the
'freest possible trade in financial services’ with
the EU and at the same time establishing 'strong cooperative
oversight arrangements’ within the region.
While this will no longer be achieved under a financial
services passport, the government laid out the possibility of
using third country equivalence as the new way forward. This
aspiration is consistent with what financial services groups