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The importance of a transitional period in financial services

Jaclyn Jaeger | April 3, 2018

Andrew Bailey, chief executive of the Financial Conduct Authority, in a recent speech spoke about the importance of a transitional period for the financial services industry concerning Brexit. A key issue, he said, is the need for continuing authorisation for firms that are undertaking cross-border business between the United Kingdom.

Speaking at the All Party Parliamentary Group on Wholesale Financial Services Annual Dinner, Bailey began his remarks by summarising the situation today in terms of the broader financial stability position regarding Brexit: “At its recent meeting, the Bank of England Financial Policy Committee (FPC), of which I am a member, renewed its judgment that a wide range of U.K. macroeconomic outcomes could be associated with Brexit, that these outcomes acceptably fall within the scope of last year’s U.K. bank stress test and, thus, that the U.K. banking...

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