To ask the Chancellor of the Exchequer, whether fraud is an agenda item for the memorandum of understanding to be negotiated between the UK and the EU on financial services; and if he will make a statement.

We have committed, with the EU, to agreeing a Memorandum of Understanding to establish a framework for regulatory cooperation. This will allow for ongoing bilateral exchanges of views and analysis relating to regulatory initiatives and other issues of interest. This is not a prescriptive or exhaustive approach and will allow for discussions on a range of regulatory issues which are of common interest.