Weekly highlights—12 October 2017

Weekly highlights—12 October 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 12 October 2017.

Brexit

PRA CEO discusses Brexit and the global nature of financial services

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.

Financial Affairs Sub-Committee hears legal views on regulation after Brexit

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.

Brexit is ‘unlikely’ to effect UK consumer rights

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.

Philip Hammond writes to Select Committee on insurance contracts post-Brexit

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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.