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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 24 November 2016.
On 17 November 2016, the House of Lords EU Financial Affairs Sub-Committee published written evidence from HM Treasury dated 9 November 2016 and the Association of Foreign Banks (AFB) dated 1 November 2016 in connection with its inquiry into the implications of Brexit for the UK and EU financial services industry.
On 21 November 2016, the House of Commons Library has released a briefing paper considering important issues likely to be raised by the ‘Great Repeal Bill’ (GRB), such as the challenges for converting EU law into UK domestic law, devolution, and UK Courts post-Brexit. The government first announced plans for a GRB in October 2016. Designed to repeal the European Communities Act (ECA 1972) and incorporate EU law into domestic law, commentators say this could be the largest legislative project ever undertaken in the UK.
On 23 November 2016, the Bank of England (BoE) published a speech ‘Uncertainty about uncertainty’ by external MPC member Kristin Forbes, delivered at the JP Morgan Cazenove ‘Best of British’ conference in London. In the speech Forbes analysed UK business attitudes to uncertainty created by Brexit.
On 17 November 2016, the Financial Conduct Authority (FCA) published the November 2016 of edition of its Regulatory Round-up. The latest Round-Up is designed to raise awareness of the FCA’s guidance on the fair
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