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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 2 March 2017.
On 23 February 2017, the Financial Services Consumer Panel published a research and a position paper on the implications of Brexit for financial services consumers. The Panel looks at areas where consumers could benefit from the UK’s withdrawal from the European Union as well as protections which currently exist and may be lost. The Panel concludes that if the UK takes control of its financial services legislation, there is an excellent opportunity for the government and regulators to improve consumer protection regulation.
On 24 February 2017, the Treasury Committee published a letter from the chief executive of the Financial Conduct Authority (FCA), Andrew Bailey, to the chair of the Treasury Committee, Andrew Tyrie MP, providing a detailed response on two issues that had arisen in a Committee meeting on 8 November 2016. Mr Tyrie’s Committee had asked for more information about the value of UK financial services that could be lost if access to the EU market were available only on the basis of global standards, and for further detail on transitional arrangements which might be established following the UK’s withdrawal from the EU. The letter also responds to some of the questions in the Committee’s 12 December 2016 call for evidence on transitional arrangements.
On 28 February 2017, Payments UK published a report examining the impact which Brexit could have on consumers, businesses and payment service providers (PSPs). It highlights key payment topics for consideration, such as the Payment Services Directive (PSD),
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