Responding to the Bank of England and Financial Conduct Authority's updates today on their regulatory approach to the transition period that forms part of the UK's Withdrawal Agreement with the EU, UK Finance Chief Executive Stephen Jones said:

?Today's announcements from the Bank of England and Financial Conduct Authority provide much-needed clarity around the transition arrangements. Both have taken a pragmatic approach to the authorisation of EEA firms and funds operating in the UK that make a significant contribution to our economy.

?The impetus is now on EU regulators to follow suit, and for both sides to work together on cross-border models of supervision that businesses on both sides of the Channel can rely on throughout the implementation period. Without similar assurances from EU regulators, UK-based firms serving customers in the EU will be forced to continue implementing costly contingency plans.?

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For more information please call the UK Finance press office on 020 7416 6750 or mail press@ukfinance.org.uk

Notes to Editor

1. UK Finance is a new trade association which was formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.

UK Finance wrote a letter to the Chancellor in December 2017 on the need for stable and secure transition arrangements and a trade deal with the EU that addresses services