Weekly highlights—13 December 2018

Weekly highlights—13 December 2018

Brexit

 

Banking will suffer under all Brexit scenarios—MPs say

The financial services sector will contribute less to Britain's economy under all Brexit scenarios set out by the government, a panel of lawmakers said on Tuesday, warning that the country's regulators will lose their voice in forming policy during a transition period after March 29. The House of Commons Treasury Committee said that all possible outcomes for financial services after Britain leaves the European Union—predicted by the government in a policy paper in July—would ‘contribute less gross value added’ than under existing arrangements.

Brexit pushes BoE to delay cyber stress-test plans

The Bank of England (BoE) agreed to delay work on its first test of how banks respond to cyberattacks and IT failures to allow them to focus on preparing for Brexit, records published Wednesday reveal. The central bank’s financial policy committee (FPC) agreed to push back part of a project launched after a series of information technology glitches and meltdowns hit banks and payment systems. The stress tests are on hold until the first half of 2019, according to minutes of the FPC’s most recent meetings. Lenders were due to set out for the BoE by the end of the year how they would prepare for a serious cyberattack or technical outage which could disrupt services, such as the major meltdown at TSB PLC in April, which justify thousands of customers without access to their money or accounts. But the committee decided to push this back to 2019.

Bank of England (Amendment) (EU Exit) Regulations 2018

SI 2018/1297: This enactment is made in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This enactment is being made in order to address deficiencies

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About the author:
Prior to joining LexisNexis in 2018, Raphael carried out work placements at Willkie, Farr & Gallagher (sat in Debt Finance) and Macfarlanes (sat in Banking and Finance), through which he was able to gain knowledge about a wide variety of financial products and services. Raphael recently graduated in Law from King’s College London where he took a particular interest in modules such as Finance, Credit & Security and Transnational Company Law. Raphael has also worked as a Paralegal at Axiom Stone Solicitors in Mayfair, where he was involved in a wide range of contentious matters.