Sonya Branch
General counsel
Bank of England
How has the financial services industry responded to the changes brought about by Brexit?
We were very active, very early on, in trying to come to a manageable plan of action – in building a transitional regime and a temporary permissions regime, and the approach we took to Nationalising the Acquis to allow for the financial services sector to make the requisite changes in time. Largely, the impact has been managed as far as possible. That’s not to say firms don’t face considerable ongoing efforts to be ready for the end of the implementation period, but we’re fortunate in that for the UK financial services sector there’s been a clear plan of action and firms have been engaged with regulators throughout.
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