“Technical obstacles have so far prevented us from achieving Stock Connect’s full potential,” Alder stated during a speech in May last year.
He emphasized the importance of the Memorandum of Understanding being developed between the FCA and China’s National Financial Regulatory Administration as essential for sharing information swiftly, effectively supervising firms across borders, and promoting market openness, noting that fast and efficient data exchange is crucial for managing risks.
“The goods are easier wins,” said a senior business representative. “Some service aspects are more challenging. Financial services firms in China face issues regarding access to sensitive data and money transfer.”
The U.K. aspires to be the latest country to join China’s visa-free list, which would allow British citizens to travel for short-term business trips, exchanges, or holidays without needing a visa.
The list currently includes 48 countries, such as France, Germany, Italy, Spain, the Netherlands, Switzerland, Australia, New Zealand, Japan, Saudi Arabia, Russia, and Sweden.
The Treasury, Department for Business and Trade, and FCA did not respond to a request for comment.
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