UK and EU will increase cooperation in financial services

A memorandum of understanding was signed between the European Union (EU) and the United Kingdom to increase cooperation in financial services.

The EU and the UK signed a memorandum of understanding to increase cooperation in financial services.

EU Commissioner Mairead McGuinness and British Finance Minister Jeremy Hunt made statements after the memorandum of understanding signing ceremony on regulatory cooperation in financial services held in Brussels.

McGuinness stated that the UK and the EU have opened a new page in relations with the Windsor Framework, which they agreed to find solutions to trade problems within the scope of the Northern Ireland Protocol.

Explaining that financial institution officials in the EU and the UK will meet regularly within the framework of the agreement, McGuinness stated that the regulatory institutions on both sides will meet with each other on issues such as changes, international developments and risks to financial markets.

Pointing out that they want to protect financial stability, market integrity, consumers and investors, McGuinness stated that the EU and the UK share challenges such as fighting financial crimes, supporting sustainable finance and digital finance.

Hunt emphasized that global financial stability is in the common interest of both parties.

Reminding that Europe’s largest financial services sector is in the United Kingdom, Hunt noted that they want to work closely with the EU in this field.