Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to page 71 of the Government's No-Deal Readiness Report, what temporary measures will be introduced to create a standalone regime for financial services when the UK leaves the EU; and what estimate he has made of the length of time that each such measure will be in place.

As set out in the Government’s No-Deal Readiness Report, the Government has implemented a range of temporary permissions and transitional regimes for various EEA inbound financial services firms. These regimes will in most cases last three years from exit day, allowing EEA businesses to continue operating as normal in the UK while they go through the process to obtain full UK authorisation or recognition.

While the Government has established the framework for these regimes in legislation, which Parliament has approved, the UK’s financial services regulators have been tasked with administering the operation of these regimes. Further information can be found on the regulators’ websites: https://www.fca.org.uk/brexit and https://www.bankofengland.co.uk/eu-withdrawal.