Monthly Highlights: March 2017

Monthly Highlights: March 2017

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from March 2017.

Brexit

UK formally triggers Article 50

Theresa May has given formal notification of the UK’s intention to withdraw from the EU under Article 50 of the Lisbon Treaty. On 29 March 2017, Sir Tim Barrow, UK’s permanent representative to the EU in Brussels, handed over a letter from the PM to Donald Tusk, the President of the European Council. The notification letter confirms the UK’s intention to withdraw from the EU and sets out seven key principles for negotiations, including the need to work towards a comprehensive agreement which minimises disruption and puts the citizens of the UK and EU first.

With a view to setting out some of the legislative and regulatory changes ahead, the government is due to publish a White Paper on the Great Repeal Bill on 30 March 2017. Several pieces of legislation are expected to follow in due course.

Briefing paper published on potential impact of Brexit on financial services

The House of Commons Library has published a briefing paper on Brexit & financial services which brings together responses from financial organisations about the impact of the vote to leave the EU. The briefing paper contains reactions from official bodies such as the Bank of England (BOE) and the Financial Conduct Authority (FCA), as well as certain UK financial institutions and other organisations.

Lending

New Standards of Lending Practice for business customers

The Lending Standards Board (LSB) has made changes to the voluntary code of practice covering lending to small business customers. The new Standards of Lending Practice for business customers, which replace the Lending Code, extend protections beyond micro-enterprise customers to small businesses with a turnover of up to £6.5m.

The LSB says the new Standards of Lending Practice will bring enhanced protections for a much

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.