With Article 50 negotiations under way, Clea Evagorou evaluates the planning priorities for financial services firms for the next two years.
After months of protests and arguments, the prime minister got her way on 29 March when the UK formally notified the European Council of its intention to leave the European Union. Although the prospect of a general election has dominated the headlines since, the outcome remains the same – the UK has two years to negotiate its exit terms and transitional arrangements.
Whatever one’s thoughts may be on this decision, financial services firms will need a plan of action. Waiting to see what unfolds in the discussions is not viable. Indeed Sam Woods, CEO of the Prudential Regulation Authority (PRA), has written to the CEOs and branch managers of all firms with cross-border activities between the UK and the rest of the EU asking them to inform the PRA of their plans.