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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 26 January 2017.
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.
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.
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.
On 24 January 2017, the Bank of England (BoE) executive director of markets, Chris Salmon, delivered a speech
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