It was comforting to hear from Theresa May that there is a broad strategic framework for the negotiations and a number of key objectives outlined which will immediately help manage expectations. Of course we have only heard from one side of the negotiating table and shouldn’t get too carried away, but the tone it struck and the overarching aim to put Britain at the heart of the global economy is fantastic. The key for all businesses, not just within financial services, is clarity and certainty, so the commitment to provide that wherever possible and aim for phased implementation is critical.
The financial infrastructure and regulation of the UK is so intertwined with Europe that a long lead time is required to disentangle this safely. I would urge the government and the FCA to thoroughly review and reassess EU financial regulation timetabled to come into force within this negotiating period (such as MiFID 2) to ensure we do not put regulation in place which puts UK firms at an immediate disadvantage on the global stage we are so keen to compete on.