Financial services are a vital component of businesses’ supply chains. Financial institutions have put in place plans to make changes to their business and operations to maintain the continuity of financial services as the UK exits the EU. The CBI has found that other businesses are less aware of the potential implications of these changes to how they will continue to access financial services.
Most businesses are currently focusing on the commercial considerations and the direct impacts of Brexit, including movement of goods across borders. But it is also important that they are aware of changes that may take place in the financial services sector, so that they understand what this means for how they access financial services in the United Kingdom (UK) and the European Union (EU), and if necessary, can take action to avoid disruption that may arise.
The CBI, working closely with Association of Corporate Treasurers (ACT), have developed a set of key issues and questions that corporate treasurers and those with risk management responsibilities may find helpful to consider in the context of the end of the transition period. We are compiling responses to these questions to inform businesses, having consulted members from the FS sector, UK regulators, financial services trade associations and other stakeholder groups. This will provide general advice to firms and does not constitute legal advice.