Weekly highlights—26 January 2017

Weekly highlights—26 January 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 26 January 2017.

Brexit

Brexit, macroeconomic uncertainty and competition dampen sector’s spirits, survey finds

On 23 January 2017, a survey published by the Confederation of British Industry (CBI)/PricewaterhouseCoopers (PwC)  found that optimism in the financial services sector fell for a fourth consecutive quarter in the three months to September 2016—the longest period of deteriorating sentiment since the global financial crisis in 2008. But profitability is expected to improve across financial services in the next quarter (excluding building societies), as cost pressures continue to ease. The survey also found firms to be eyeing FinTech closely for opportunities in process automation, data analytics and digital transformation.

IRSG proposes bespoke passporting and EU TCRs scheme

On 23 January 2017, the International Regulatory Strategy Group (IRSG), in collaboration with Hogan Lovells, produced a report that assesses EU third-country regimes and possible post-Brexit alternatives to passporting. Published by TheCityUK, the report concludes that the focus of the Brexit negotiations should be on designing and delivering a bespoke UK–EU deal rather than reforming or adapting existing frameworks.

Select Committee discusses Brexit negotiation strategy and impact on service sector

On 24 January 2017, the International Trade Committee continued its inquiry into UK trade options beyond 2019 with an evidence session covering issues including EU and non-EU trade negotiations and the impact of Brexit on the UK service sector, including financial services. This was the committee’s first opportunity to consider the contents of the Prime Minister’s speech setting out the path to Brexit.

BoE analyses the sterling flash crash and the market response to Brexit

On 24 January 2017, the Bank of England (BoE) executive director of markets, Chris Salmon, delivered a speech

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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.