Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what discussions he has had with the Chancellor of the Exchequer and financial regulators on implementation of the financial services chapter of the UK–Republic of Korea Free Trade Agreement.

Engagement between the Secretary of State for Business and Trade and the Chancellor of the Exchequer has focused on key aims for the UK-Republic of Korea FTA. HM Treasury officials, who negotiated financial services provisions, have engaged regularly with UK financial regulators throughout.

The Department for Business and Trade will lead on implementing the agreement, with input from HMT officials on financial services provisions. The Financial Services chapter contains consultation provisions which provide a formal mechanism for the UK Government – including, where appropriate, representatives from its financial regulators - to discuss implementation of these commitments with the Republic of Korea.