Weekly highlights—6 October 2016

Weekly highlights—6 October 2016

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 6 October 2016.

Brexit

ABI outlines five post-Brexit priorities

On 30 September 2016, the Director General of the Association of British Insurers (ABI) said that regulation in the UK’s interest, passporting, data protection, skills and international trade were the five top Brexit priorities for the insurance and long-term savings industry. ABI Director General Huw Evans also called for the government to secure transitional arrangements between Brexit and whatever replaces the UK's current EU membership, in order to avoid a protracted political timescale which could impact on business location decisions.

Brexit—concern over Theresa May's Article 50 trigger date

On 2 October 2016, the Prime Minister Theresa May announced that the government would trigger Article 50 by March 2017. In a speech at the Conservative Party Conference, Ms May promised to consult with the devolved administrations, businesses and municipal leaders on what they want to see from Brexit, in order to determine the government’s negotiating position. Ms May also set out the government’s vision after Brexit, which she has said will not look like the Norway or Switzerland model, but an agreement unique to Great Britain and its economic, financial and social interests. However, many want to see further clarity on how the government plans to consult with the different sectors before Article 50 is triggered. EU law lecturer Adam Cygan tells LexisNexis the March deadline has been ‘politically calculated’ and is doubtful the UK will ‘have any significant control over the Brexit process’.

IA first annual survey on the funds market post-Brexit

On 3 October 2016, the Investment Association (IA) published its first annual survey with regard to asset management in the UK for 2015/16. In

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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.