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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 5 October 2017.
The European Council should determine that ‘sufficient progress’ has not been made on the EU’s three key aims unless the fifth round talks provide a major breakthrough, according to a draft resolution endorsed by the European Parliament’s Conference of Presidents. MEPs will debate the motion with EU Commission president, Jean-Claude Juncker and chief negotiator, Michel Barnier before a full vote takes place.
The chief executive of the Financial Conduct Authority (FCA), Andrew Bailey, called for regulatory co-operation to minimise the risks from Brexit and support a transition to a new relationship between the UK and the EU. In a speech at the Official Monetary and Financial Institutions Forum, he warned that Brexit could disrupt financial services for the UK, the EU and globally, and said that common regulatory standards are a necessary condition for free trade in finance.
The UK Prime Minister, Theresa May, expressed confidence that the UK and EU will be able to agree a new partnership that will enable them to 'continue to work together' to bring prosperity to all citizens. Speaking at the 20th anniversary of Bank of England (BoE) independence event on 27 September 2017, Ms May said that fragmentation of the financial services markets was in neither the EU's nor the UK's interest.
The Prudential Regulation Authority (PRA) published its
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