Weekly highlights—1 February 2018

Weekly highlights—1 February 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 1 February 2018.

Brexit

Lords call for post-Brexit clarity before contingency plans activated

The House of Lords EU financial affairs sub-committee published a report on financial regulation and supervision after Brexit. The report warns of the risks of market fragmentation and instability if the UK and EU cannot agree a deal on market access, and urges the government to clarify what it wants from phase two of the Brexit negotiations and on transitional arrangements. The Lords committee says that clarity is needed now before firms are forced to activate ‘costly and potentially irreversible’ contingency plans.

Government clarifies industrial strategy implementation period for businesses

The government issued a letter to business leaders to clarify the industrial strategy implementation period after Brexit, saying that ‘the UK’s and the EU’s access to one another’s markets should continue on current terms’. It clarified that there will only be one set of changes at the end of the implementation period, which will be ‘strictly time-limited’.

Regulatory architecture

European Commission welcomes the final report by its high-level expert group on sustainable finance

The European Commission's high-level expert group delivered its final report on sustainable finance, which sets out strategic recommendations for a financial system that supports sustainable investments. The Commission will now move to finalise its strategy on sustainable finance on the basis of these recommendations.

BIS report on post-crisis banks warns against complacency

The Bank for International Settlement’s committee on the global financial system (BIS CGFS) published a report examining trends in bank business models, performance and market structure since the financial crisis, and

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.