Brexit impact
on financial
services
This report describes
the impact of Brexit, as
perceived by professional
accountants working
in financial services
organisations globally.
May 2017
About ACCA
ACCA (the Association of Chartered Certifed Accountants)
is the global body for professional accountants. It offers
business relevant, frst-choice qualifcations to people of
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Contents
Executive summary ..4
Introduction .6
1. Setting the baseline ........7
2. The Brexit effect .9
3. Segments within FS .......14
4. FS look ahead: factors for consideration ...........19
Conclusion .20
References .21
This report examines the impact of the
UK’s decision to ‘exit’ the European Union
(EU), ie ‘Brexit’, on the fnancial services
(FS) sector. In addition to factors affecting
FS as a whole, it incorporates perspectives
specifc to fve segments within the sector,
namely, retail banking, corporate banking,
investment banking, asset management
and FinTech.
The report draws on a survey of the views
of ACCA’s members working in the FS
sector around the world. The intention is
to provide a perspective from accounting
and fnance professionals within FS
organisations internationally. These
individuals are typically at the heart of the
decision-making processes (both planning
and implementation) that shape their
organisations’ responses to Brexit.
Therefore, this is a bottom-up view that
acts as a ‘temperature gauge’ to capture
the mood of professionals on the front line,
to complement other policy-level top-down
views. Additionally, the perspectives are
informed by interviews conducted specifcally
for this report, with six professionals
working within or advising FS organisations.
Finally, the report also references existing
research particularly where it relates to
regulatory considerations. This is for the
sake of completeness and context, and this
report is not intended to provide a detailed
technical opinion on these matters. It is
primarily a view of the ‘state-of-play’ as
obtained from the survey of ACCA’s FS
members around the world.
NET VIEW – RISKS VS. OPPORTUNITIES
Respondents were asked whether, on the
whole, they thought Brexit presented more
risk or opportunity for their organisation.
The number of respondents who viewed
it as a net risk (ie risks outweigh
opportunities) was more than double the
number of those who viewed it as a net
opportunity. This dynamic was more
prominent in larger FS organisations
relative to SMEs, the latter being a bit less
concerned about the risks and a bit more
hopeful about the opportunities.
RISKS – PREMIUM PLACED
ON REDUCING POLICY-LEVEL
UNCERTAINTY
Insuffcient or unclear communication by
government/regulators on the proposed
approach
has emerged as a key area of risk
for survey respondents across all segments
within FS. There appears to be an
acceptance that a degree of disruption is
inevitable, but the time it takes to prepare
for it means that organisations place a high
premium on fnding out, sooner rather than
later, what their working environment will
be like. Obtaining as much guidance as
possible, in the earlier stages, about likely
developments appears to be as important
as the eventual fnal outcome.
OPPORTUNITIES – COST REDUCTION
Generally speaking, cost reduction was
viewed as the most compelling opportunity
presented by Brexit. This could be linked
to a move to lower-cost locations or
streamlining of operations. In addition to
cost reduction, respondents were also alert
to the possibility of deriving advantage
from greater alignment with free markets,
tactical benefts from devalued sterling
(GBP), and acquisition opportunities.
READINESS
About half the respondents have started
planning, are in the advanced stages of
planning, or have completed planning and
taken the frst steps towards
implementation of a post-Brexit plan.
About a quarter of respondents argued
that Brexit will not affect their organisation.
This may be the case in various scenarios:
for example, being in a country with low
exposure to the UK or the Eurozone, or
perhaps in an organisation/industry where
levels of costs and revenues are fxed for
the foreseeable future.
On the other hand, one-quarter of
respondents admitted to having made no
plans at all or to being unclear about what
to do. Looking ahead, this group may need
to start the process of scenario planning
against various possibilities, to avoid being
caught out by future events as they unfold.
BESPOKE MUTUAL RECOGNITION
AGREEMENT
Although the government has made it clear
that the UK will leave the Single Market,
the big question is what will replace the
rights currently enjoyed within it A good
replacement would be a bilateral
agreement, based on mutual recognition
that allows for maximum two-way access
between the UK and the EU.
Executive summary4
This report examines the
impact of the UK’s decision
to ‘exit’ the European Union
(EU), ie ‘Brexit’, on the fnancial
services (FS) sector.
Continued regulatory and supervisory
collaboration and coherence will be critical
to ensuring that the regimes for FS remain
broadly consistent and avoid accidental
divergence. The UK should promote the
development and use of international
standards wherever possible to make it
easier for the UK and EU to recognise each
other’s regimes. Safeguards will also be
necessary to ensure fair and independent
regulatory equivalence determinations, so
that one side is not hostage to a unilateral
withdrawal of access rights by the other.
Ultimately, the process for determining
equivalence must be grounded in technical
factors rather than political ones.
SEGMENT-LEVEL CONSIDERATIONS
Key risks
Across the segments,
Insuffcient or unclear
communication by the government/
regulators on the proposed approach
is
emerging as an area of concern. This is
understandable given the complexity of
the negotiations to follow, the variety of
policy options and the uncertainty of their
possible outcomes. The upcoming
elections in the UK also mean that it is likely
to take some time before clarity emerges.
Key opportunities
Respondents’ perceptions of opportunities
broadly concern cost opportunities and
the potential for a more ‘free markets’
approach with less political intervention in
business matters.
5Brexit impact on fnancial servicesExecutive summary
Ultimately, the process for
determining equivalence
must be grounded in
technical factors rather
than political ones.
Table E2: The top opportunities perceived by different FS sectors
Table E1: The top risks perceived by different FS sectors
TOP
OPPORTUNITIES
RETAIL
BANKING
CORPORATE
BANKING
INVESTMENT
BANKING
ASSET
MANAGEMENT
FINTECH
1stMove to lower-cost
locations reduces
costs in the long term
Move to lower-cost
locations reduces
costs in the long term
In the longer term, greater
alignment to free markets
and less political involvement
in business matters
Move to lower-cost
locations reduces costs in
the long term
In the longer term,
greater alignment to
free markets and less
political involvement
in business matters
2ndStreamlining of
operations to drive
effciencies
In the longer term,
greater alignment to
free markets and less
political involvement
in business matters
UK’s ability to strike trade
deals on its own can enable
my organisation to access
new growth markets
Streamlining of
operations to drive
effciencies
Escape from
excessive EU rules
and regulations
3rdIn the longer term,
greater alignment to
free markets and less
political involvement
in business matters
Selling of non-core
assets or businesses
Higher GBP value of revenues
earned outside the UK due to
weaker currency
Higher GBP value of
revenues earned outside
the UK due to weaker
currency
Streamlining of
operations to drive
effciencies
TOP RISKSRETAIL BANKINGCORPORATE BANKINGINVESTMENT BANKINGASSET MANAGEMENTFINTECH
1stDevaluation of the GBPInsuffcient or unclear
communication by
government/regulators on
proposed approach
Insuffcient or unclear
communication by
government/regulators on
proposed approach
Insuffcient or unclear
communication by
government/regulators on
proposed approach
Insuffcient or unclear
communication by
government/regulators
on proposed approach
2ndInsuffcient or unclear
communication by
government/regulators
on proposed approach
Devaluation of the GBPLack of suffciently robust
transitional agreement to
cover period between
leaving EU and fnanlising
trade deals
Loss of passporting
[ability to offer services in
Euro-zone based on UK
licence or vice versa]
Lack of suffciently
robust transitional
agreement to cover
period between
leaving EU and
fnanlising trade deals
3rdIncrease in UK infationIncrease in UK infationIncreased costs for setting
up new subsidiaries/
offces within EU or UK
Devaluation of the GBPIncrease in UK infation
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