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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

The impacts of EU exit and COVID-19 on UK trade in services: July 2021

Analysis from the ONS of UK trade in services in the context of the ongoing COVID-19 pandemic and the end of the EU transition period on 31 December 2020. Sectors covered: Government; Personal, cultural and recreational; Other business services; Telecommunications; Intellectual property; Financial; Construction; Travel; Transportation; Maintenance and repair; Manufacturing.

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.

Considerations for firms after the transition period

Information from the Financial Conduct Authority to help financial services firms at the end of the transition period. Includes temporary transitional power (TTP), considerations for UK and EEA firms and the end of passporting.

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.