Deloitte UK comments on the impact of the EU Referendum on the financial services industry
24 June 2016
David Strachan, head of Deloitte’s EMEA Centre for Regulatory Strategy, said:
“For some financial services firms, particularly those which use the UK as a hub to passport or provide services on a cross-border basis into other EU Member States, the terms of access which the UK negotiates to the Single Market will be fundamental to their future strategy and business models. For many of these firms, "waiting and seeing" until the outlook becomes clear will be untenable, given the lengthy lead times associated with moving substantial blocks of business and potentially people.
“These firms face a period of decision-making under significant uncertainty. However, from our experience, financial services businesses are amongst the most prepared in terms of assessing the impact, in terms of scenario and contingency planning.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
Member of Deloitte Touche Tohmatsu Limited.