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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 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.

Brexit briefing: A UK Treasurer's checklist

Checklist from the <a href="https://www.treasurers.org">Association of Corporate Treasurers</a> to help you assess your current treasury landscape, understand what the business needs and how your banks are adapting. Sections cober maintaining sufficient liquidity, continuity of contracts, FX volatility, cash management, credit rating agencies and pensions.

Brexit and financial services

Briefing paper from the House of Commons Library on the implications of Brexit for the financial services sector. The paper draws together the responses of official bodies, financial institutions and other organisations as well as highlighting developments since the referendum.

Belgium's Brexit

Report from Deloitte which highlights the issues that affect all Belgian companies that source and sell to/from the UK market. The report identifies the sectors that are particularly sensitive to Brexit, focusing on the automotive industry; the chemical industry; life sciences; agri-food and beverages; textiles; financial services; transport and logistics; the creative sector.