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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 16 March 2017.
On 9 March 2017, the London Market Group (LMG) called for a guarantee that the London insurance market will be considered to have regulatory equivalence with the EU post-Brexit and a trade deal that gives both UK and EU insurers, reinsurers and brokers continued rights to undertake cross-border activity. LMG also called on the government to secure early agreement on an implementation period to avoid a cliff edge on the day the UK leaves the EU.
On 10 March 2017, the House of Commons Library published a briefing paper on Brexit and financial services examining the views of banks and regulators on the road ahead.
On 14 March 2017, the Bank of England (BoE) announced it is reconfiguring reporting lines and has commissioned a review by its non-executive directors in light of the resignation of its deputy governor for markets and banking, and chief operating officer, Charlotte Hogg. Ms Hogg had failed to declare a potential conflict of interest, relating to her brother’s role at Barclays.
On 14 March 2017, the chair of the Treasury Select Committee, Andrew Tyrie MP, said the resignation of Charlotte Hogg as deputy governor of the BoE is ‘a regrettable business with no winners’, but said it is right she should resign and it is right that the BoE is launching a review into the controversy.
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