U.K. Treasury will seek input from the financial services industry, regulators, ministers and officials before making recommendations to the U.K. government about the future relationship with the European Union and other countries following U.K.'s exit from the EU.
Parliament's Treasury Committee will examine how the U.K.'s financial services sector can benefit from the new trading environment with the world, and whether the U.K. should maintain its current regulatory barriers that apply to countries outside of the European Union.
"The U.K. may converge, seek equivalence or diverge from the EU. As part of our new inquiry, the Treasury Committee will examine the risks and rewards of each of these choices," said Nicky Morgan, chairwoman of the committee, in a statement.
"We'll also seek to conclude whether it would be in the long-term interests of the U.K. to align closely with EU financial rules, or to forgo financial services trade with the EU and pursue trade with other third countries," Ms. Morgan said.