UK restates commitment to ‘long-term’ market access for Gib finance firms

The UK Government has reaffirmed its commitment to ensuring “long-term” market access between Gibraltar and the UK for financial services firms.

The reference was contained in a written statement from Chancellor Rishi Sunak in the House of Commons yesterday, during which he set out the UK Government’s plans for financial services including forthcoming legislation.

The UK Government said in the Queen’s Speech last December that it would deliver a Financial Services Bill that would deliver a number of commitments, including to Gibraltar, and ensure the UK maintained the highest regulatory standards while remaining open to international business.

On Gibraltar, he said: “The Financial Services Bill will deliver our commitments to: long-term market access between the UK and Gibraltar for financial services firms based on shared, high standards; and simplified process which allows overseas investment funds to be sold in the UK.”

The Chancellor said leaving the EU meant the UK had taken back control of the rules governing its “world-leading” financial services sector.

But he said the UK remained committed to the highest international standards of financial regulation.

“An enduring future relationship with the EU would help complement the UK’s leading global role in financial services,” he said.

“The Government continues to believe that comprehensive mutual findings of equivalence between the UK and the EU are in the best interests of both parties and we remain open and committed to continuing dialogue with the EU about their intentions in this respect.”