Following the UK government’s announcement yesterday on its proposed approach to Brexit, Simon Lewis, Chief Executive of AFME, said:
“We welcome yesterday’s announcement and look forward to seeing the detail in the White Paper, including in relation to services. Businesses continue to face considerable uncertainty about the framework that will apply less than 8 months away. It is now vital for the negotiations to make progress to provide certainty of a transition period and direction on the future trading relationship.
Banks are continuing to implement their contingency plans to minimise disruption to clients, but It is crucial that the concerns voiced by the industry around contractual continuity, access to market infrastructure and transfers of data are addressed, to ensure an orderly withdrawal process whatever the outcome of the negotiations.”