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Lords Committee to hear evidence on what Brexit will mean for UK financial sector

05 September 2016  |  3914 views  |  0 Source: Lords Committee

On Wednesday 7 September 2016, leading academics and industry experts will give evidence on the impact of Brexit on the UK’s financial services to the House of Lords EU Financial Affairs Sub-Committee.

 The House of Lords EU Committee and its six Sub-Committees are conducting a coordinated series of short inquiries looking at the key issues that will arise in the forthcoming negotiations on Brexit. Taken as a whole, this programme of work will be the most extensive and thorough parliamentary scrutiny of Brexit.
The EU Financial Affairs Sub-Committee is carrying out an inquiry into what leaving the EU will mean for UK, EU and non-EU financial institutions and service providers. It will also look at the options for a new relationship with the EU.
Witnesses giving evidence are:
At 10.00am:

  • Professor Eilis Ferran, Professor of Company & Securities Law, Cambridge University
  • Professor Sir Charles Bean, Professor of Economics, London School of Economics

At 11.00am:

  • Mr Andrew Gray, UK regional financial services leader, PricewaterhouseCoopers
  • Mr Anthony Browne, Chief Executive, British Bankers’ Association
  • Mr George Hay, European Financial Editor, Breakingviews, Reuters.

Questions which the witnesses are likely to face include:

  • Have financial firms and the economy ‘shrugged off’ Brexit fears?
  • Which financial firms are likely to relocate from the UK if the UK does not join the European Economic Area (EEA)? What impact will this have on jobs in this sector?
  • What are the UK financial service sector’s top priorities in the negotiations for withdrawal from the EU? What are the priorities for the future UK-EU relationship?
  • How important is the financial passport for each financial product or service provided by UK, EU and non-EU firms operating in the UK?
  • How would regulatory cooperation and rules change for financial firms and service providers under different models of membership (Norway, Switzerland, WTO option)?

The evidence session will take place at 10.00am on Wednesday 7 September 2016 in Committee Room 4A of the House of Lords.

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