UK Banks Seek Deeper Financial Cooperation with EU
The UK Finance industry body is urging the government to formalize regulatory coordination and allow professional mobility between jurisdictions. The report suggests making financial services a dedicated agenda item at the upcoming UK-EU summit to foster closer technical alignment.
British banks are seeking closer regulatory ties with the European Union through a formal proposal from UK Finance to streamline cross-border financial services operations. The United Kingdom lobbying body released the report on Monday morning, June 8, ahead of a planned summit between Prime Minister Keir Starmer and bloc officials. The industry is calling for deeper integration to formalize the 2023 Memorandum of Understanding on Financial Services Cooperation.
### Moving Beyond Information Sharing The UK Finance report urges the UK-EU forum on finance to transition from simple information sharing to proactive coordination on new initiatives. UK Finance is seeking to make financial services a dedicated agenda item at the annual EU-UK summit. The proposal aims to build on the 2023 Memorandum of Understanding without attempting to rejoin the Single Market.
