Weekly highlights—9 March 2017

Weekly highlights—9 March 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 9 March 2017.


Ministers meet with industry figures to discuss post-Brexit financial services

During a roundtable meeting on 2 March 2017 with industry associations and representatives of major firms, government ministers underlined their commitment to maintaining London’s position as a global financial hub. Discussions centered around topics including the Great Repeal Bill, the movement of skilled workers and opportunities to increase the sector’s global competitiveness in the future.

ECB board member speaks on EU banking union and Brexit

On 2 March 2017, Sabine Lautenschläger, member of the executive board of the European Central Bank (ECB) and vice-chair of the supervisory board of the ECB, spoke at the LSE German Symposium in London about the harmonisation of European banking supervision and the impact of Brexit on the European banking sector. Ms Lautenschläger warns that UK banks will not be able to access the EU through empty shell companies post-Brexit, and discusses the future of euro clearing in London.

International Trade Committee calls for government to show Brexit plans

On 7 March 2107, the International Trade Committee (ITC) warned the government it must act quickly and set out its vision for UK trade after Brexit—and provide reassurance that contingency plans will be in place for the eventuality that agreement is not reached with the EU. The report also highlights the significant impact Brexit could have on the financial services industry in relation to passporting.

Bank of England updates

BoE publishes terms of reference for Prudential Regulation Committee

On 2 March 2017, the Bank of England (BoE) released the terms of reference for the Prudential Regulation

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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.