The United Kingdom has now officially left the European Union. Given the eleven-month transition period to the end of 2020, very few people will notice any material changes. Removal of British MEPs from the European Parliament and British Citizens no longer being EU Citizens are a part of the significant legal and constitutional changes that are yet to have little impact on the ground.
Attention-grabbing headlines and extended uncertainty will dominate as the negotiations continue throughout 2020 and likely beyond. Whilst many political messages on both sides will be directed at domestic audiences, the risks remain real and the volatility of outcomes high.
Avantage Reply has been assisting and advising clients optimising their European and UK footprints in the build-up to Brexit and will continue to support clients as Brexit unfolds. With deep specialist expertise in cross-border Financial Services activity, close relationships with both regulators and supervisors as well as a substantial long-term footprint across the UK and the EU, Avantage Reply is ideally placed to deliver solutions during this turbulent and uncertain process.
No deal Brexit remains on the cards and the Financial Services industry continues to command little public sympathy or public political support. The rights to freedom of movement of labour, capital and services will be decided at the negotiating table, with deep and lasting implications for the Financial Services industry in both the United Kingdom and the European Union.
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The British agriculture ministry recently advised UK tourists planning to travel with their pets after Brexit to mitigate no-deal Brexit risk by seeking veterinarian clearance four months in advance. These pet sounds are a microcosm of a broader issue: whereas once cross-border activities were painless, post-Brexit, the future will be less so.
Does “equivalence” solve the Brexit woes of the financial services industry? Oscar McCarthy curbs the enthusiasm that follows the latest news about a possible deal for the financial sector.
Avantage Reply is partnering with the
Dutch Foreign Banker’s Association to discuss the impact of Brexit on Financial Services