Oral Answers to Questions

Desmond Swayne Excerpts

Tuesday 9th April 2019 Commons Chamber

[John Glen]

As my hon. Friend knows through his excellent work with the dispute resolution service, there are some avenues for businesses to go down. Many—virtually all—lenders have now signed up to the standards of lending practice, and that, alongside the expansion of the Financial Ombudsman Service’s jurisdiction, gives businesses the assurance they need.

[Sir Desmond Swayne (New Forest West) (Con)]

12. What steps he is taking to improve the performance of the financial services sector.

[The Chancellor of the Exchequer (Mr Philip Hammond)]

UK financial services are globally competitive, and this Government are focused on maintaining that competitiveness. Leaving the EU with a deal will ensure that financial services businesses can continue to operate across borders into the EU. Through our global financial partnerships initiative, we will also build a new framework for rest-of-the-world cross-border financial services.

[Sir Desmond Swayne]

How will we ensure that those businesses do not end up being regulated from overseas?

[Mr Hammond]

We have always been clear that the UK must maintain control of the regulations governing one of its most important sectors and, crucially, a sector that the UK taxpayer stands behind. Those regulations have to be made in the UK. The agreement we have negotiated with the EU in the political declaration means that each side would make its own choices on regulation through its own legislative processes, and if any of these lead to our respective regulatory regimes no longer being equivalent, either side would have the right to withdraw market access.