Plan B: Global Banks Must Prepare for ‘Hard’ Brexit

SputnikNews.com
01.02.2017

Global banks must plan for a “hard” Brexit, otherwise risk breaching regulatory requirements and disrupting business, according to a report prepared by PwC, a multinational professional services network for industry body the Association for Financial Markets in Europe (AFME).

The banking industry have been asked to prepare for a “hard” Brexit in a PwC report titled, Planning for Brexit — Operational impacts on wholesale banking and capital markets in Europe. It aims to provide policymakers and industry experts information on how to handle Brexit, as well as addressing some of the likely challenges that the financial market will face.

A spokesperson for AFME has confirmed that Brexit will be a highly complex transformation for wholesale banks.

>”Firms will need to execute Brexit transformation programs which will extend beyond Article 50 timescales and in many cases up to three years after Brexit has been completed; or even longer, if the post‐Brexit trading relationship between the EU and UK remains unresolved,” a spokesperson for AFME told Sputnik.

The UK parliament entered a second day of debate on Wednesday, February 1, as to whether Britain should trigger Article 50, the two-year process by which the country leaves the European Union.

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This entry was posted on Wednesday, February 1st, 2017 at 12:40 pm and is filed under Economics, World Politics. You can follow any responses to this entry through the RSS 2.0 feed.