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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 21 September 2017.
The chancellor of the exchequer, Philip Hammond, said his goal is to ensure that the UK remains the financial services centre of the world and the global hub of FinTech. Mr Hammond said an integral part of delivering a ‘smooth and orderly’ Brexit is through the negotiation of a time-limited interim period. An outcome that protects UK financial services will require detailed negotiation and a flexible and innovative approach, as ‘no existing trade agreement, nor third-country access to the EU, supports the scale of reciprocal trade in financial services that exists between the UK and the EU’.
The Association of British Insurers (ABI) welcomed the decision by Nicky Morgan MP, chair of the Treasury Committee, to write to the Chancellor on the issue of how cross-border pensions and insurance contracts will be managed after Brexit. The ABI had previously warned that unless negotiations over how to handle long-standing contracts are part of the first phase of Brexit negotiations, there may not be time to resolve them effectively.
The Bank of England (BoE) published its quarterly bulletin for Q3 2017. The issue contains articles on Islamic finance, the Corporate Bond Purchase Scheme, and public disclosures by banks (under the revised Capital Requirements Directive) and insurers (under the Solvency II Directive) of information about their financial position, risk profile and corporate governance practices (‘Pillar 3 disclosures’).
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