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Financial services

The UK Brexit transition period ended on 31 December 2020. New rules apply from 1 January 2021. This page brings together guidance and news from ICAEW, as well as externally-produced resources that provide practical information covering the impact on banking, insurance and investment management.

Need to know

Latest news and insights

Guides and FAQs

External resources

Supply chain resilience after Covid and Brexit

This 45-minute session with the Institute of Export and International Trade and Bibby Financial Services will update traders on the state of global trade as economies exit Covid-19 lockdowns and the UK adapts to new trade rules with the EU.

Brexit and The City: The Impact So Far

Summary of a study from think tank New Financial on the impact of Brexit on the UK banking and finance industry and the emerging post-Brexit landscape of financial centres across the EU. Full report available upon request.

Beyond Brexit: trade in services

House of Lords select committee report on the future UK-EU relationship on trade in services. Considers the crucial elements in the TCA affecting trade in services between the UK and the EU, together with areas where further agreement is required. Sectors covered: financial services; professional and business services; data and digital trade; the creative industries; research and education.

The impact to financial services firms of the Brexit deal – EY comment

Commentary and analysis of how the trade agreement may affect the financial services sector, highlighting four key areas of regulatory focus for firms: cross-border access, protective vs open policies, capital and frictional costs, and co-operation on the supervision of large groups and global policy forums.

Value Added Tax EU Exit Transitional Provisions

Guidance on the VAT treatment of transactions or movements of goods which span the end of the transition period. It covers goods, fulfilment houses, services, call-off stock, and financial services.

Preparing your firm for Brexit: end of the transition period

Information from the Financial Conduct Authority to help financial services firms prepare for the end of the transition period. Outlines issues for all firms and considerations for UK firms and EEA firms conducting business in the UK.

Brexit update: the shape of the United Kingdom's exit

Article from law firm Eversheds Sutherland on the implications of the withdrawal arrangements as the UK leaves the EU. Discusses business planning with sections on immigration, data protection and financial services.