EU rejects May's financial services Brexit plan

Follows Brexit white paper

European Union (EU) lawmakers have rejected the UK's negotiating position on the governance of UK financial services firms' access to European markets over concerns the proposal would endanger the bloc's "decision making autonomy".

Speaking to European affairs ministers on Friday (20 July), EU chief negotiator Michel Barnier dismissed Prime Minister Theresa May's proposal, which was laid out earlier in July in a white paper, explaining it would violate the principle that access rights to the bloc's financial services market are a gift from Brussels that can be freely withdrawn, according to the FT. Cavendish: UK firms seem confident of Brexit deal before March May's controversial white paper dismissed the asset management industry's favoured mutual regulatory recognition model in favour of an enhanced version of...