Financial services firms have been at the vanguard of understanding, and preparing for, the implications of Brexit. The sector is highly regulated, with a significant level of cross-border service provision under EU standards. Financial services firms will be conscious that whilst the outcome from the December talks was positive, nothing is agreed until everything is agreed and, as a result they are going to have to continue pushing on with their short-term contingency plans in case the UK leaves the EU with no new trade arrangements in place.
Faced with many challenges, firms are preparing and implementing plans that will “self-solve” many of the issues foreseen, but there are a number of “pinch points” for Financial Services that may pose problems when the UK leaves the EU.
In this short paper, we take a look at four areas of financial services that are consistently raised as the most challenging for firms to deal with:
This list is certainly not exhaustive but it demonstrates that many difficulties can be solved with the appropriate amount of time and care. Careful planning will be needed to ensure that these issues and others like them do not compromise the integrity and efficiency of financial services. In some areas, politicians, officials and regulators may need to consider broader solutions that can be put in place.
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