Commenting on today’s developments in Brexit negotiations, Jon Holt, Head of Financial Services, KPMG UK says
“Despite the noise and drama happening in Westminster, the overwhelming sense in the City today has been that firms are holding steady. Long term Brexit plans are in place and they still stand. Regulatory permissions, operating structures and the people moves that steam from that, remain unchanged.
“The focus of banks has moved from operating models to customers. The key focus now is how customers will be effected should we end up in a “no deal” scenario; questions around credit risk and funding are top of the agenda.
“However, in capital markets the impact of a “no deal” on derivative contracts remains an area of concern. Whilst there’s no panic in the market, absolute clarity on bilateral temporary regimes is needed by mid December. This issue needs to be firmly off the negotiating table.”
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About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.