The Treasury has asked top City institutions to help it decide which parts of financial regulation the UK should prioritise in upcoming Brexit negotiations, in a highly-symbolic move that will allay fears the sector's concerns are being ignored.

Senior officials including Katharine Braddick, the Treasury’s director general for financial services, made the request to representatives from banks including Goldman Sachs, HSBC, JPMorgan and Morgan Stanley, as well as fund managers including Schroders and Fidelity Investment Management, in two private meetings on July 17 and July 18, according to two people familiar with the matter.