Weekly highlights—8 February 2018

Weekly highlights—8 February 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 8 February 2018.

Brexit

FCA CEO: material regulatory divergence is ‘a false concept’

The chief executive of the Financial Conduct Authority (FCA), Andrew Bailey, warned that there is a range of operational issues arising from Brexit which, if not tackled, will create financial stability risks and issues for both the UK and the EU. Mr Bailey said the FCA was treating Brexit as a high priority and was working with the government to take action to ensure there is a functioning regulatory regime from day one by implementing the EU withdrawal bill.

ECB vice-chair urges banks to continue to prepare for Brexit worst case scenario​

At the annual press conference on European Central Bank (ECB) banking supervision, held in Frankfurt on 7 February 2018, the chair of the supervisory board of the ECB, Danièle Nouy, and Sabine Lautenschläger, a member of the ECB executive board and vice-chair of its supervisory board, made introductory comments relating to the challenges that banks will continue to face during 2018, including preparing for Brexit.

Industry body warns that politics on both sides threatens a good Brexit

TheCityUK warned that the politics of Brexit is blinding parties on both sides of the Channel to the mutual advantage of a continued close partnership between the UK and the EU. It points to a report prepared by the International Regulatory Strategy Group (IRSG) in September 2017, which makes detailed proposals on the terms of a free trade agreement that would allow financial services suppliers in the EU and UK to have access to each other's markets post-Brexit.

Financial Conduct Authority updates

FCA publishes review of the

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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.