Chris Cummings, chief executive of the Investment Association, in response to the signing of the financial services agreement with EU, said:
“The signing of the MOU on financial services is an important milestone. A close partnership between the UK and EU, which recognises the long-shared history of cooperation, is of mutual benefit and will mean a more resilient and dynamic investment management sector across Europe that benefits citizens and businesses wherever they may be located be.
“Now the MOU has been confirmed, all focus must now turn to ensuring the Joint Forum on Regulatory Cooperation delivers a pragmatic, forward-looking dialogue focused on finding common solutions to common challenges. This includes encouraging greater retail participation in European markets, promoting international coherence in sustainability-related disclosures, and identifying how the utilisation of new technology can drive innovation across the sector. We look forward to working with HM Treasury and the European Commission in delivering against this goal.”