Commenting on the UK government's draft text on the post-Brexit transition period, Chief Executive of UK Finance Stephen Jones said:

?Businesses on both sides of the Channel need confidence that secure transition arrangements will be in place until a final agreement is reached.

?This is not about delaying Brexit, it is about avoiding a damaging cliff-edge and providing the continuity and clarity that businesses need.

?Any political agreement on the transition period must give financial regulators the flexibility not to insist on worse-case contingency planning, and address the critical issues of contractual continuity and cross-border data flows.

?Similar directions should also be given to regulators in both the EU and UK so they feel empowered to develop cross-border models of supervision.?

Notes to Editor

1. For more information please call the UK Finance press office on 020 7416 6750 or mail press@ukfinance.org.uk.
2. 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
3. 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.