Her Majesty's Government what is their assessment of the benefits and costs to the UK of membership of the European Insurance and Occupational Pensions Authority.
As a set of single market authorities, the memberships of the European Securities and Markets Authority, European Insurance and Occupational Pensions Authority and the European Banking Authority (EBA) consist only of EU and EEA national competent authorities. As the UK is leaving the European Union, our relationship will change.
The EU has also stated its intention to relocate the EBA. The future relationship will be a matter for negotiations. We are seeking a comprehensive trade agreement, which includes financial services and is based on a deep and special partnership between the EU and UK that goes much wider than trade.
The financial costs of the three bodies are divided on a 60:40 ratio between national competent authorities across the EU, and a contribution from the European community. Details of the budgets and the activity conducted by the agencies are available on the respective websites.