The Financial Services sector has been heavily impacted by Brexit. With no element of the withdrawal agreement addressing the sector, firms of all sizes have had to seek alternative arrangements, these have often involved lengthy and costly processes to set up EU based entities to allow continuity of business. But while the lack of passporting and any permanent equivalence being offered by the EU are not ideal, the UK continues to attract some of the world’s best and brightest to work and set up their businesses.
So, what next for the sector?
- Regulation will continue to be the perennial issue, the FCA was always a key partner in the development of the EU directives and the expectation is that they will continue to reflect the standards followed by EU members as the years go on.
- Safeguarding of client assets will be remain important to ensure that consumer’s funds are protected and ultimately to maintain confidence in the UK’s financial systems.
- Crypto is making further steps towards the mainstream with understanding of it spreading to wider swathes of the population – regulation and ultimately CBDC’s (Central Bank Digital Currencies) will play a significant factor in the next steps that fintech firms take in utilising the undeniable potential of crypto and their associated blockchain technology.
Brighter Thinking Testimonial from ICEN RISK:
Menzies Financial Services Expertise
Menzies works with clients across the sector including mortgage and insurance brokers; investment businesses; platforms offering P2P lending and crowdfunding solutions; fintech business; asset managers and alternative investment schemes. We have the knowledge that is required to help navigate the regulatory requirements including client money and RegData requirements as well as the expertise to help understand the issues businesses face, suggesting innovative and #BrighterThinking solutions that help businesses to grow.
Mortgage & Insurance Brokers
Whether a broker, intermediary or working with London Markets, there are questions to answer.
Safeguarding Client Funds (inc. CASS)
Whether holding client money under CASS or EMI/PSD regulations there is lots that needs to be done.
A competitive and tough sector with many challenges. What are you doing to get ahead?
With so many new ideas coming out of the woodwork, find out what we think you should be thinking about.
Alternative Investment Funds
Alternative investment funds of ‘AIFs’ that do not meet the requirements for exemption are considered to be ‘full-scope’ and therefore subject to more stringent FCA regulation.
Asset Managers’ main objectives are to achieve growth for their clients by making the right investment decisions that will increase the overall value of their clients’ funds.
More Financial Services Brighter Thinking
Extended Thought Leadership
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Everyone Wants ‘More for More’
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