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Financial News: ‘Equivalence’: The principle that governs the future of U.K. financial sector’s post-Brexit dealings with EU

The U.K. is set to leave the European Union on March 29 — and that could give the country’s financial-services industry a big headache.

Banks, insurers and fund managers — including many U.S. firms that have come to use London as their European base — face losing their automatic right to do business across Europe. That is a problem, as cross-Channel trade is worth many billions (in pounds and euros) to both sides.

U.K. and EU leaders signed off on a formal Withdrawal Agreement on Nov. 25, and, under its terms, financial-services trade can continue under the EU’s so-called equivalence rules.

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