Brexit Trigger: Deloitte comments on the financial services implications
James O’Riordan, head of financial services at Deloitte, said:
“We see financial services as being more advanced than any other sector in terms of its Brexit planning – it started early and has maintained that momentum. Financial institutions are acting to ensure they can continue serving customers regardless of the form of settlement that is reached at the end of the two year Article 50 process and beyond.
“Insurers, asset managers, domestic and wholesale banks will each be affected differently by Brexit. Insurers will need to establish subsidiaries within the EU if they don’t have alternative routes to access the single market, whereas wholesale global banks may have to take an entirely different approach. There is no one size fits all for Brexit. This is a complex process and detail is everything.
“Generally, there will be some movement of business and of people, though we don’t expect this to happen in a substantive sense until next year. However, the triggering of Article 50 will mean financial services companies will step up their efforts and start acting on their contingency planning.”
