Episode 22: How ready are banks for the end of the Brexit transition period?
In just three weeks, the transition period for the United Kingdom’s departure from the European Union will end. Banks are busy preparing for an important change in the terms of market access between the EU and the UK and regulators are working to ensure a smooth transition for the financial sector, both on 1 January and in the days that follow. In this episode, we speak to two of Deloitte’s banking and capital markets Brexit leaders, Vishal Vedi and Alex Szmigin, to get their take on the readiness of the banking sector for the end of the transition period and what they think banks should be doing now to make sure they are prepared. Join us as we delve into some of the most interesting issues in this fast evolving situation. Key questions: What in practice will change for banks when the transition period comes to an end on 1 January 2021? What are the near and medium-term expectations that financial supervisors have for banks during this period of time? How has COVID-19 affected the work that banks have been able to do to prepare for the end of the transition period? What should banks’ priorities be in 2021 in light of Brexit and the regulatory change they will face?