The most recent issue of EY’s Brexit watch publication includes a spotlight on financial services, discussing the key areas of focus for international banking firms as well as the next steps for the industry.
The publication also discusses the draft Withdrawal Agreement and businesses reaction to it. From a financial services perspective, the Agreement has a notable absence of detail on post-Brexit financial services rules – although the recent decision to review the equivalence framework is a positive move.
There is no doubt that the continued uncertainty over the upcoming parliamentary meaningful vote and the precise impact on financial services post March 2019 remains challenging. We still face the prospect of a no deal Brexit and that would impose significant strains on the financial markets and institutions.
However, it’s clear that both EU and UK authorities and regulators want to avoid disruption to financial markets and clients, and therefore arrangements are being made and put in place to ensure necessary legislation or temporary tolerances.
The devil is in the detail and the industry will be paying close attention as negotiations continue.
Download the publication below and, if you have any questions, don’t hesitate to get in touch.
Read previous editions of Brexit watch here.