The nominee for the European Union’s top financial oversight job warned the U.K. to expect “consequences” after Brexit if London decides to split with the bloc on how it regulates the industry.
Mairead McGuinness told members of the European Parliament in Brussels that there will be “significant changes” for the finance sector. The EU is preparing for the fallout if it decides against granting any further cross-border access to London-based banks and trading venues, McGuinness said.
“There will be a very different relationship compared to the current situation in terms of market access, the regulatory framework and supervisory oversight,” McGuinness said in a written reply to questions from parliament. The Irishwoman, who was picked to become a member of the European Commission by President Ursula von der Leyen, faces a hearing in the assembly on Oct. 2.
If she wins