Weekly highlights—17 August 2017

Weekly highlights—17 August 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 17 August 2017.


Brexit impact on customs union and internal market 'increases the more UK pushes for WTO model'

The more the future relationship between the EU and the UK takes after trade cooperation based on World Trade Organisation (WTO) principles, the less existing and future EU law can be applied to goods and services from the UK. This is according to a report by the European Parliament which identifies policy areas and legal rules in the current EU framework that will be most affected by Brexit. It includes a ‘two-step test’ to assess the potential impact to the internal market for goods and services, consumer protection and the customs union.

Director General of ABI raises concerns on insurers servicing contracts post-Brexit

The director general of the Association of British Insurers (ABI), Huw Evans, warned of the risk of British insurers being unable to legally fulfil contracts after Brexit. Mr Evans was commenting on the letter sent by the deputy governor and CEO of the Prudential Regulation Authority (PRA), Sam Woods, to the new chair of the Treasury Committee, Nicky Morgan, explaining the PRA’s work to ensure that firms are making sensible contingency plans concerning the UK’s withdrawal from the EU.

ECB executive sets out post-Brexit expectations for banks

The chair of the supervisory board of the European Central Bank (ECB), Sabine Lautenschläger, warned banks to make ‘final decisions’ very soon, as ‘no one knows how Brexit will play out’. Ms Lautenschläger said it was very important for the ECB to make sure that the banks it supervises, as well as the ones looking to set up in Europe, ‘do not

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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.