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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 8 September 2016.
On 31 August 2016 the House of Lords EU Financial Affairs Sub-Committee launched an inquiry into what repercussions the EU referendum will have on financial services and future arrangements. The sub-committee will hold evidence sessions with industry experts to understand what the UK’s financial sector may look like in the post-Brexit environment.
The Confederation of British Business (CBI) Scotland held its first financial services summit in Glasgow on 1 September 2016 and its director-general, Carolyn Fairbairn, gave a speech on the importance of the financial sector in Scotland. Ms Fairbairn spoke in depth about Brexit and referred to five cross-sector principles when the government starts Brexit negotiations: maintaining single market access to ease UK-EU trade, striking a balance between putting in place equivalent EU regulation to gain access to the single market in some areas, while differing from EU regulations in order to obtain more flexibility at home in other areas, ensuring the UK's migration system allows companies to access the people and skills they need, while recognising public concerns, developing a strategy for international trade and economic agreements and protecting the economic and social benefits of EU funded projects.
On 5 September 2016 the British Bankers' Association (BBA) issued its chief executive newsletter for September 2016. The newsletter is Brexit themed, with the BBA calling for an orderly transition for the banking industry, as well as asserting the sector needs to work with the government to secure the best possible deal for the UK. The newsletter comes after the summer recess for Parliament and highlights the BBA opinion that negotiations with the EU may
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