Financial Times: A binding treaty on UK-EU financial services
Feb 3, 2021
Andreas Dombret, Global Senior Adviser, Oliver Wyman, wrote in the Financial Times on the need for a binding treaty on financial services between the UK and EU.
An equivalence deal, he argues, does not cover many finance activities, such as retail banking or insurance, and is inherently political and can be withdrawn unilaterally by the EU at little notice. Instead, the only viable option for the City to retain relatively free access to the EU market is a deep and detailed financial services agreement with Brussels, with contractual commitment on both sides — in other words, a binding treaty. This would require the UK agreeing to stick closely to EU rules, until such a treaty is in place.