Britain says it won't undercut EU financial rules

Britain has no plans to rip up the rulebook governing its huge financial services sector after the post-Brexit transition period ends, financial services minister John Glen said on Wednesday.

The European Union is the largest export market for Britain's financial firms, whose access will be cut off if there are no new trading terms agreed by January. The EU must assess whether UK-based banks, insurers and asset managers comply with rules that are "equivalent" or as robust as those in the bloc for granting access.

"There is no secret plan to deviate," Glen told the House of Lord's sub-committee on financial affairs. Britain was not seeking to differentiate itself through lower standards in financial rules. "The core message that we have is we want to observe the highest standards," Glen said.

Britain wants Brussels to conclude "positive" assessments by June, arguing it has put EU financial rules into UK law. "We are equivalent to anyone's eyes," Glen said.