TheCityUK, an industry-led body representing UK-based financial and related professional services, has called on the UK and the EU to resolve outstanding issues for financial and professional services that still remain a month after signing the Trade and Cooperation Agreement (TCA).

In its paper, TheCityUK identified six key areas that need to be focused on:

  • The need to agree the MoU to establish a framework for future regulatory cooperation
  • Progress on outstanding regulatory equivalence determinations
  • The importance of a long-term data adequacy agreement
  • The mutual recognition of professional qualifications
  • Cross-border enforcement of judgements in civil and commercial disputes
  • Greater clarity on UK/EU business travel

TheCityUK CEO Miles Celic said: “Our industry is pragmatic about the increased friction to trade and cross-border transactions which have resulted from Brexit, but we should still seek to minimise this wherever possible. We urge both the UK and the EU to move quickly and get these additional agreements in place.

“The industry is as eager to see structured regulatory cooperation on financial services between the UK and the EU, as it is to prevent cross-border barriers to justice and ensure certainty on the movement of data. Allowing these issues to drag on will only disadvantage citizens and businesses on both sides of the Channel when we have so many other long-term challenges in common that we need to address.”

Last month, The Accountant spoke to Andrew Harding of CIMA and James Barbour of ICAS about what the TCA means for UK accountants