04 August 2016

Daily Mail: City of London gears up for UK-EU financial trade talks

FINANCIAL SERVICES EU TASK FORCE

Comprises top officials of major financial institutions and chaired by Shriti Vadera, a former government minister and current chairwoman of Santander UK bank.

Will only seek common positions where possible to avoid lowest common denominator stance. Focus on high level coordination, strategic input to support detailed work of trade associations, TheCityUK;

It has met twice, but working groups will begin meeting in September after summer break;

Key officials and responsibilities: HSBC Chairman Douglas Flint to lead on commercial banking; Norman Blackwell, chairman of Lloyds, and David Roberts, chairman of Nationwide, to lead on retail banking; Rob Rooney, chief executive of Morgan Stanley International, and Michael Cole-Fontayn, chairman of BNY Mellon in Europe, to lead on wholesale banking

Adrian Montague, chairman of Aviva, and John Nelson, chairman of Lloyd's of London, to lead on insurance;

Howard Davies, chairman of RBS, and John McFarlane, chairman of Barclays, to lead on cross sectoral issues;

Liz Corley, vice chair of Allianz Global Investors to lead on investment management;

Gerry Grimstone, chairman of Standard Life and Mark Boleat, policy head of City of London Corporation, to lead on international advocacy;

Based at KPMG's office in well-heeled Mayfair, a favourite haunt of hedge funds;

FINANCIAL SERVICES NEGOTIATION FORUM

Made up of City veterans with more of a grassroots approach;

Aim is to bring together senior financial services individuals from pro and anti Brexit camps;

Keen to give voice to smaller firms in particular, and to financial services outside London, such as in Edinburgh;

Members include Anthony Belchambers, founder of commodities industry body FIA Europe, Daniel Hodson, a former CEO of LIFFE derivatives exchange, and Graham Bishop, a former investment banker who has advised EU institutions;

To be launched formally in September and will hold public debates, lectures;

To be based in one of the City of London's traditional "livery" halls;

CHALLENGES

Banks in London want to keep access to the EU's single market, but the bloc insists only in return for EU citizens being allowed to work in Britain, a step too far for many pro-Brexit supporters. Task force members say contributing to the EU budget in some way could help find a compromise;

Banks will want legal certainty for new trading terms with the EU, but this could take several years. Financial firms may decide to move to the EU or elsewhere in the world before then;

Firms also want to continue recruiting from across Europe and beyond to get the best talent. This could be harder in future if Britain imposes curbs on migrants; [...]

Full piece on Daily Mail

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