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29 March 2018

ACCA: Financial services see growing risks a year before Brexit

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UK financial services increasingly feel risks outweigh opportunities as Brexit draws nearer, according to the latest snapshot member survey by ACCA.

Almost half (49%) of representatives from FS firms surveyed by ACCA stated that the risks posed by Brexit are greater than the opportunities (compared to 14% who believed the opposite). Last year this negative imbalance was 40% to 16% respectively and this year it increased to 49% and 16% respectively.

The survey also found that the number of respondents making Brexit contingency plans has increased from last year. Yet over a third say they will have either little or no preparation plan in place by the time the UK formally leaves the EU in a year’s time.

At the same time, views are more balanced regarding the long-term impact of Brexit. One third (33%) expect that in five years’ time the opportunities will outweigh the risks, while 32% state the opposite.    

Maggie McGhee, Director of Professional Insights at ACCA says,

‘While this is only a snapshot of the large and diverse FS sector, the findings reflect the views commonly heard from our membership. While the proposed transition deal means business as a whole has some degree of clarity, the race is now on to secure a favourable Brexit outcome for FS.

‘At the same, government should not lose sight of the long-term opportunities for Brexit. A favourable regulatory environment could benefit financial services if it facilitates improved relationships with the global economy. 

‘Yet to achieve the right levels of cooperation and coordination with our European and global partners, the work has to start now.’

Full press release

© ACCA - Association of Chartered Certified Accountants

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