Weekly highlights—11 May 2017

Weekly highlights—11 May 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 11 May 2017.

Brexit

Relocating banks must act now to get licence in place, warns ECB executive

On 4 May 2017, in the introductory remarks to a technical workshop for banks considering relocation in the context of Brexit, the vice-chair of the supervisory board of the European Central Bank (ECB), Sabine Lautenschläger, said significant and highly efficient planning efforts and resources will be required from both banks and supervisors to deal with any potential moves.

Freshfields report suggests two years is not enough for Brexit negotiations

On 8 May 2017, theCityUK published a report it commissioned from Freshfields Bruckhaus Deringer LLP on how Brexit could affect UK financial services. The report initially planned to analyse each sector against three scenarios: full equivalence and passporting, equivalence where the provision already exists but no additional access rights are granted, and a third-country agreement, but says the first scenario is now politically impossible.

EY Brexit data shows mixed picture on firms’ relocation plans

On 8 May 2017, EY released details from its Brexit Tracker survey, which monitors 222 UK financial services firms. The survey found more than a quarter of firms questioned are moving some staff or part of their operations out of the UK, or are reviewing their domicile as a result of Brexit. The figure represents a 50% rise over four months in the number of firms publicly voicing relocation intentions.

BBA sets out options for FS trade agreements post-Brexit

On 10 May 2017, the British Bankers’ Association's (BBA) published a Brexit Quick Brief #8, which looks at

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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.