UK financial services firms should seek a bespoke form of equivalence to maintain access to European markets, according to a pair of new reports published by City lobby groups.

A paper written by law firm Norton Rose Fulbright on behalf of the Financial Services Negotiating Forum and published on January 12 described regulatory equivalence provisions within the current European model as “patchwork”. It said this meant that it was not a “silver bullet” solution that would entirely replace passporting for City firms.