Financial services firms in Europe and the UK could be locked out of each other's markets if national regulators implement markedly different reforms after Brexit, under a proposed new model for cross-border interaction.

A Brexit blueprint was published today by a group of financial law specialists known as the International Regulatory Strategy Group, which is affiliated to the lobby group TheCityUK and the City of London Corporation. The report's authors outline a "radical and different" model to enable financial services firms in the UK to retain as much access as possible to the EU after the country leaves the bloc.