Financial services is possibly the policy area where Brexit will have the strongest impact. The City of London is the largest financial centre in Europe; many financial firms offer their services from their London base, making use of “passporting” rights granted through European legislation, which are now clearly at risk.
As a result of being the financial heart of Europe, the UK has historically been deeply involved in shaping financial markets policies and pushing further financial markets integration, due to their great interest, expertise and resources devoted to this particular area. This is the case in terms of the European legislative work, where the responsible European Commissioner for financial services was the British Commissioner Lord Hill.
In this snapshot our teams in Brussels and London take a closer look on how Brexit impacts the institutional set-up but also a number of important policies such as Capital Markets Union.
Andrew Walton is Senior Managing Director and Global Head of Financial Services in FTI Consulting’s Strategic Communications Segment. Hans Hack is Senior Managing Director and heads the Financial Services team in Brussels and Liam O’Keefe is Senior Director in FTI Consulting’s Public Affairs team in London.