Brexit white paper hints at third country equivalence status for UK

Author: Amélie Labbé | Published: 6 Feb 2017

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 have previously...