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Responding to a report published today by the Confederation of British Industry (CBI) on contingency planning for a ?no deal? Brexit, Chief Executive of UK Finance Stephen Jones said:
The finance sector has long been focused on contingency plans to minimise the impact of a ?no-deal? scenario on customers, and continues to work closely with the UK government and regulators to ensure the necessary legislation and regulations are in place to minimise disruption and assure continuity of service to customers. The sector's financial resilience to any economic shock is unprecedented. "Further action from EU authorities and member states to assure continuity of cross-border financial business for customers transacting from the UK into the EU and from the EU into the UK would help reduce potential uncertainties in the event of a ?no-deal? Brexit. "UK Finance and its members will play their part in the government's information campaign to enable the wider economy to prepare for a ?no-deal?, including through our Let's Talk Business campaign, run jointly with a range of business trade groups, to help smaller businesses.
The finance sector has long been focused on contingency plans to minimise the impact of a ?no-deal? scenario on customers, and continues to work closely with the UK government and regulators to ensure the necessary legislation and regulations are in place to minimise disruption and assure continuity of service to customers. The sector's financial resilience to any economic shock is unprecedented.
"Further action from EU authorities and member states to assure continuity of cross-border financial business for customers transacting from the UK into the EU and from the EU into the UK would help reduce potential uncertainties in the event of a ?no-deal? Brexit.
"UK Finance and its members will play their part in the government's information campaign to enable the wider economy to prepare for a ?no-deal?, including through our Let's Talk Business campaign, run jointly with a range of business trade groups, to help smaller businesses.
<ol><li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li> <li>Earlier this year UK Finance launched a national ?<a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u…; target="_blank" title="Original URL: https://www.ukfinance.org.uk/policy-and-guidance/guidance/lets-talk-bus… /> Click or tap if you trust this link.">Let?s Talk Business</a>? campaign encouraging SMEs to prepare for the potential changes and opportunities brought about by the UK?s departure from the EU. It has been supported by leading business organisations including the CBI, Federation of Small Businesses, British Chambers of Commerce and a range of sector groups.</li> <li>UK Finance has published a <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u…; target="_blank" title="Original URL: https://www.ukfinance.org.uk/brexit/no-deal-brexit-faqs-customer-guide?… /> Click or tap if you trust this link.">?no-deal? Brexit FAQs guide</a> for consumers to help answer questions about the impact of a ?no-deal? Brexit on financial services matters.</li> <li>In preparation for a no-deal exit, UK Finance <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u…; target="_blank" title="Original URL: https://www.ukfinance.org.uk/press/press-releases/epc-approves-uk-finan… /> Click or tap if you trust this link.">secured</a> the UK?s continued participation in the Single Euro Payment Area (SEPA). This decision will ensure UK payment service providers are still able to make and receive billions of euros worth of payments from other European countries that are part of SEPA.</li> </ol>
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