Hold onto your hats: Banks in for a bumpy ride following the Brexit vote June 26, 2016 The banking sector is most likely bracing itself for a beating following last Friday's EU referendum result. The UK's decision to leave the EU places the passporting rules – which essentially allow UK banks to operate throughout the European Economic Area without restrictions – in doubt, which could ultimately result in fewer bankers on the streets [...]
Securities and Exchange Commission to keep an eye on the markets after Brexit vote June 24, 2016 The US Securities and Exchange Commission (SEC) has said it will be paying close attention to the equity markets following yesterday's Brexit vote, which was announced this morning. A statement by SEC chair Mary Jo White read: The US equity markets opened normally for trading this morning. We are continuing to closely monitor the markets and have been [...]
Gibraltar will never pay the price of being Spanish for access to the single market, says chief minister June 24, 2016 Gibraltar is not willing to become sovereign to Spain, even in light of the UK's decision to leave the EU, the British overseas territory's chief minister said today. "Let people make irrelevant noises about flying flags over a rock if they want to waste their breath," said Fabian Picardo in a speech to the Gibraltar parliament today. [...]
What Brexit means for your pension June 24, 2016 The UK went to the polls yesterday to make the historic decision to leave the EU, a result the markets had not exactly geared themselves up for. More than £100bn was wiped off the FTSE 100 this morning, while the pound dropped to its lowest point against the dollar in over 30 years, so many people [...]
City watchdog tells finance sector it’s business as usual for regulation post-referendum until government says otherwise June 24, 2016 The City watchdog has told the financial sector it should carry on complying with regulation as usual, until government decides otherwise. The Financial Conduct Authority (FCA) has today acknowledged that the decision to leave the EU has "significant implications for the UK", particularly given the sheer amount of financial regulation in the UK that originates [...]
CMA publishes final energy market reforms report, including more than 30 new measures designed to increase competition in the sector June 24, 2016 Energy firms may have to navigate more red tape in the future, after the Competition and Markets Authority (CMA) proposed more than 30 new measures this morning. Confirming provisional findings announced earlier this year, the CMA said that energy suppliers should be ordered to hand details of customers who have been on a default tariff for more [...]
What Brexit means for London’s insurance industry June 24, 2016 The UK's decision to leave the EU might not immediately cause serious damage to London's reputation in the insurance industry, but the result does raise serious questions around regulation and access to the wider market. In a statement released shortly after the result of the vote was revealed, Lloyd’s chairman John Nelson said that he was "confident" [...]
