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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 1 December 2016.
Banks of all sizes, insurers, as well as construction-supply companies and travel agents, are among the 13,500 companies at risk of losing cross-border ‘passporting’ rights following Brexit, according to a list released by the Financial Conduct Authority (FCA).
On 24 November 2016, the Chartered Institute for Securities & Investment (CISI) released its latest statistics which record a big fall in the financial services industry’s confidence in the UK’s economic prospects. Brexit generally was the chief area of concern, as well as more specific issues, such as the drop in the value of sterling, passporting implications, quantitative easing and Article 50.
On 28 November 216, UK think tank British Influence (BI) published an article which states they believe the UK should be able to stay in the single market, while honouring the EU referendum vote. BI believes the UK’s membership to the European Economic Area (EEA) is separate to its membership to the EU and can be maintained following Brexit. Constitutional experts tell LexisNexis BI’s assumptions are sound, and could see the UK continue to benefit from the single market without having to honour the rules around free movement of people. BI has said it will write to Brexit Minister David Davis asking him to clarify the government’s position and may seek a judicial review of that position to assess its legal validity.
On 30 November 2016, the Bank of England (BoE) released the 2017
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