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EU’s McGuinness Warns City of London ‘Change is Coming’

  • No deadline on equivalence, Commissioner McGuinness says
  • Brexit has ‘come home to roost’ for U.K., access will change
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WATCH: “Change is coming,” McGuinness said. “There is no recreating the single market for financial services when they have decided to leave the single market.”(Source: Bloomberg)
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The European Union’s top financial-services official warned the City of London that any deal for the industry remains a distant prospect.

Mairead McGuinness, European commissioner for financial services, said in a Bloomberg TV interview Friday that the EU doesn’t have a fixed timeline for reaching a decision on financial services and emphasized that Brexit would inevitably hinder access to the bloc.