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Global Britain

Part of the debate – in the House of Commons at 3:41 pm on 3rd February 2020.

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Photo of Dominic Raab Dominic Raab The Secretary of State for Foreign and Commonwealth Affairs 3:41 pm, 3rd February 2020

We have said not only in the written statement but in the political declaration that we want financial services to proceed on the basis of the kind of co-operation that involves recognition of the equivalence of regulation. We think that is the best approach for the UK but also for the relationship with the EU.

The dispute resolution mechanism will be tailored to the different fields and sectors covered by the FTA and the broader areas of co-operation. However, in the case of binding resolution, we have been clear that that would involve arbitration with both parties contributing. Typically, a chair is selected by the arbitrators who have been nominated, and that does not involve the jurisdiction of the European Court of Justice.