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What will Brexit mean for the UK's financial services sector?


The House of Lords EU Financial Affairs Sub-Committee will this week take evidence from legal experts and representatives from key financial institutions on the impact of Brexit on the UK's finance sector and the options for a new relationship between the UK and the EU.

Witnesses giving evidence on Wednesday 14 September 2016 are:

At 10.00am:

  • Elizabeth Corley, Vice Chair, Allianz Global Investors
  • Douglas Flint, Group Chairman, HSBC
  • Alex Wilmot-Sitwell, EMEA resident, Bank of America Merrill Lynch International

At 11.00am:

  • Simon Gleeson, Partner, Clifford Chance
  • Peter Snowdon, Partner, Norton Rose Fulbright

Questions which the witnesses are likely to face include:

  • How might prolonged political uncertainty around Brexit affect day-to-day operations of UK, remaining 27 EU member states (EU27) and non-EU financial firms and service providers?
  • How might Brexit affect UK, EU27 and non-EU asset management, investment banking and retail banking in the UK and EU27?
  • How would the loss of passporting rights affect the different types of UK, EU27 and non-EU firms and their activities cross-border?
  • To what extent could UK firms harness ‘equivalence' rights to access the EU single market?
  • What opportunities does the UK have to increase its financial ties with jurisdictions outside the EU?

The House of Lords EU Committee and its six Sub-Committees are conducting a coordinated series of short inquiries looking at the key issues that will arise in the forthcoming negotiations on Brexit. Taken as a whole, this programme of work will be the most extensive and thorough parliamentary scrutiny of Brexit.

The EU Financial Affairs Sub-Committee is carrying out an inquiry into what leaving the EU will mean for UK, EU27 and non-EU financial institutions and service providers. It will also look at the options for a new relationship with the EU.

The evidence session will take place at 10.00am on Wednesday 14 September 2016 in Committee Room 4A of the House of Lords. 

 

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