It is often said that if the EU gave UK banks equivalence, life would be much easier for UK plc and its banking community. But that is not really true.
There are more than 40 areas of potential equivalence. But they are very narrow, and sector and activity specific. So narrow and specific, in fact, that the UK’s payment firms and e-money issuers will literally gain nothing, while the UK banks will not gain much. Why?
