Weekly highlights—21 September 2017

Weekly highlights—21 September 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 21 September 2017.

Brexit

Hammond calls for a ‘time-limited interim period’ for Brexit to protect UK’s FS industry

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’.

ABI welcomes Treasury Committee intervention on pensions and insurance contracts post-Brexit

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.

Bank of England updates

BoE publishes the latest quarterly bulletin

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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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.