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FIS Horizons

2018 is likely to be another eventful year for the FIS sector. Across the world, we're facing change of every order; the question is how you deal with it?

Prepare for Brexit uncertainty

By Rachel Kent

The challenges that Brexit will bring to the banking sector evidently depends on a multitude of factors, but key to the free flow Financial Services and the current structures of banks will be passporting. The EU and the government have not yet committed to retaining this position, but we have lobbying hard to impress upon them the benefit this will have particularly to EU consumers. Should we be successful in retaining this position, it is unlikely there will be significant change to regulations and law related to financial services. However, if not successful, banks will need to transfer existing business to a subsidiary (absent specific agreement on branches) in the EU and there may be more divergence from the current EU legislation.

Whilst navigating through the unknown landscape of Brexit and pending agreement of a transition deal, the priority for banks is to have and continue to implement a contingency plan so that in a worst case scenario of no deal, the bank can continue its operations to service its consumers and customers without breaking any laws.

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