Question to the HM Treasury:

To ask His Majesty's Government what estimate they have made of the impact of the European Union’s proposed Capital Requirements Directive VI and its prohibition on the provision of cross-border banking services to European Economic Area clients on UK financial services and consumers.

The impact of Capital Requirements Directive VI on UK financial services is uncertain and will vary across different UK financial services firms. This will be dependent on the nature of services that those firms provide to European Economic Area (EEA) clients and the approach to implementation of the Directive in the respective EEA member states. UK consumers should not be affected as the EU’s Capital Requirements Directive VI applies to services being provided to EEA clients.