EU-UK Financial Forum Convenes Fifth Meeting in London

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Publication date 11 March 2026 Author Directorate-General for Financial Stability, Financial Services and Capital Markets Union

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The fifth meeting of the Joint EU‑UK Financial Regulatory Forum (the Forum) between the United Kingdom of Great Britain and Northern Ireland (UK) and the European Union (EU) took place in London on 11 March 2026.

The meeting was co‑chaired by the HM Treasury (HMT) Director General for Financial Services and the European Commission Director General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA). Participants attended from the Bank of England, the Financial Conduct Authority (FCA), the European Central Bank (ECB), the European Supervisory Authorities (EBA, ESMA, EIOPA) and the EU Single Resolution Board (SRB).

The EU and UK emphasised the importance of maintaining regular, structured engagement on financial services regulatory cooperation matters to support economic growth and investment in Europe. Both also noted the importance of continued cooperation in other areas, such as sanctions and anti‑money laundering. They reaffirmed their commitment to financial stability, market integrity, and strong investor and consumer protection.

The Forum agenda focused around six themes

1. the policy outlook
2. macroeconomic and financial stability outlook
3. banking
4. digital finance
5. markets reform
6. and sustainable finance Participants discussed their respective policy priorities to promote economic growth and competitiveness. The UK provided an update on the implementation of the financial services growth and competitiveness strategy, and how it seeks to support the financial services sector in its role as an enabler and driver of growth throughout the wider economy. The European Commission updated on its strategy for the savings and investments union (SIU) – a central component of which is the market integration and supervision package (MISP) which aims to create a more integrated, efficient and competitive financial system to support EU citizens and businesses.

Participants exchanged views on their respective macro‑economic and financial stability outlooks, including potential risks related to cybersecurity and operational resilience. The UK and EU noted the importance of actively monitoring the impact of the ongoing situation in the Middle East on the financial system and referred to their continued efforts in this respect. The UK and EU recognised that financial stability is a prerequisite for long‑term economic growth and committed to ongoing cooperation to ensure that international standards are upheld. Participants also discussed the 2026 work programme of the Financial Stability Board (FSB) and the UK updated on initial plans for its G20 Presidency in 2027. Both parties reaffirmed the importance of sustained international cooperation particularly through multilateral bodies such as the FSB and the G20.

There was an exchange of views on respective developments in the banking sector, including on simplification and competitiveness. The EU noted its ongoing targeted consultation on the competitiveness of the EU banking sector, which is part of its SIU strategy. The UK and EU also discussed Basel implementation and agreed to further discussions ahead of the next Forum. They reiterated the importance of international standards to ensure global financial stability and the effective operation of global financial markets.

The EU and UK also exchanged views on ongoing reforms to their respective securitisation frameworks, where both reinforced the need to support market functioning while safeguarding financial stability. Both agreed to continue to exchange views as their respective securitisation frameworks evolve.

On resolution, the EU and UK highlighted the importance of effective cross‑border resolution frameworks and welcomed ongoing cooperation in international fora, including in the FSB, to operationalise open bank bail‑in.

Both the EU and the UK exchanged views on how evolving market developments in financial sector digital innovation are shaping their respective domestic approaches and the opportunities and challenges posed by digital assets. Participants agreed on the importance of working within international fora to further develop digital innovation analysis to inform policy work and supervisory approaches. Participants welcomed the FSB’s work exploring vulnerabilities and cross‑border transmission channels of stablecoins. Both the EU and UK noted the growth and innovation potential of digital assets while continuing multilateral engagement to assess associated risks and benefits, particularly in cross‑border contexts.

In the discussion under markets reforms, participants updated each other on their respective reforms to benchmarks regulation. The UK and the EU recognised the importance of their respective ongoing reviews of transaction reporting to help reduce regulatory burdens and agreed to continue discussing developments in this area. Both also exchanged views on asset management, with the UK updating on its review of the Alternative Investment Fund Managers Directive (AIFMD) and the Overseas Funds Regime. The UK also updated on the new Consumer Composite Investments regime. The EU provided an overview of regulatory developments in asset management, including measures to improve the functioning and efficiency of the sector in the market integration and supervision package, as well as work to support innovation financing.

The UK and the EU agreed on the importance of implementing global standards to ensure the resilience of the funds sector, and on continued coordinated engagement in international fora, such as the FSB, to enhance collective understanding of structural vulnerabilities within the non‑bank financial intermediation (NBFI) ecosystem. In this vein, both exchanged observations on practices that enhance the resilience of their respective money market fund (MMF) sectors, and look forward to constructive engagement going forward.

Participants further agreed on the importance of enhancing active surveillance of evolving risks and vulnerabilities in the financial system, particularly in the nonbank sector, including continued efforts to address critical data gaps, strengthen cross‑jurisdictional information sharing and to advance horizon scanning capabilities. Participants noted the growth of private markets, including the sector’s role in business investments, and the importance of ensuring these markets are resilient.

The discussions were rounded off with an exchange on sustainable finance. The UK reported on the delivery of sustainable finance priorities, including steps taken to finalise the UK Sustainability Reporting Standards (UK SRS), the FCA’s consultation on aligning listed issuer’s sustainability disclosures with UK SRS, the regulation of ESG ratings providers, and transition finance. The European Commission updated on its omnibus simplification package, and its reviews of the Sustainable Finance Disclosure Regulation (SFDR) and the EU taxonomy. The EU and UK both reaffirmed their commitment to continued international dialogue and cooperation to promote internationally consistent sustainable finance approaches and to recognise the value of greater interoperability across regimes, particularly for cross‑border firms.

Both the EU and the UK also exchanged views on the impact of climate change on the insurance and reinsurance sector, as well as climate‑related risks for banks and insurers, and agreed to continue to work together via the International Association of Insurance Supervisors (IAIS).

The EU and UK noted the interlinkages between their financial services sectors and the value of further engagement on shared challenges, and agreed to follow up as appropriate ahead of the next Forum.

Files

• 11 MARCH 2026 Joint statement: EU-UK Financial Regulatory Forum - March 2025 English (70.55 KB - PDF) Download ## Related links

Regulatory dialogues with the United Kingdom
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