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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 12 October 2017.
The deputy governor for prudential regulation and CEO of the Prudential Regulation Authority (PRA), Sam Woods, gave a speech on the impact of borders, location and distance on the shape of banks, insurers and financial regulation. Defining ‘geofinance’ as the impact of geography on the geometry of finance, Mr Woods said that with the revolution in regulation following the financial crisis coming to its end, and with changes to the geopolitical landscape looming large, the concept is likely to be the defining challenge of the next few years. Mr Woods also looked in detail at the potential impact of Brexit on UK and EU banks and insurers.
The EU Financial Affairs Sub-Committee took evidence from law firms specialising in international corporate and commercial law. The discussion covered the range of legal options available to a post-Brexit UK for EU market access, different kinds of transition period and their risks, returns and practicalities, and the role of UK regulators upon exit.
The Law Society gave its views on the effect of the UK leaving the EU on consumers and consumer protection. In its opinion as the most consumer protection legislation is already UK legislation, Brexit is ‘unlikely to have a significant impact on domestic consumer rights in the immediate future’. The Society’s main concerns regard the uncertainties around consumers undertaking travel abroad or making EU cross-border transactions.
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