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FinExit: The Impact of Brexit on the UK’s FinTech Industry
7th December 2016Free
Few had predicted that a referendum on the UK’s status within the EU would end up with the UK voting to leave the European Union. Exactly how the UK will split from the European Union and what this will look like has caused considerable uncertainty for industries operating across the UK that rely, in particular, on the EU passporting regime as part of the EU’s single market directives. For instance, the UK has long operated as the bellwether for FinTech innovation and the development of responsive regulatory frameworks tailored to borderless internet-based platforms. Despite the recent High Court decision, the UK government remains steadfast in its efforts to separate from the EU. If the UK government does successfully invoke Article 50, however, Britain’s self-proclaimed title as the leading FinTech center in the world could be at risk. Already, a number of UK FinTech firms are considering whether to move their headquarters to countries that remain in the EU, and a handful of EU countries are actively encouraging UK firms to domicile in their home country in the aftermath of the vote. Meanwhile, European officials have made it clear that the UK cannot “cherry-pick” or enjoy any special favors in the negotiations with EU officials. That said, Britain’s international trade secretary has suggested that Brexit could officially take place on January 1, 2019, which gives the UK some time to negotiate with EU officials and persuade FinTech firms to remain in the UK.
What will these negotiations with the EU entail? What steps is the UK government taking to ensure the country’s FinTech industry remains in the UK? Can the UK keep its title or will unsuccessful negotiations with the EU spell doom for the country’s thriving FinTech industry?
Please join the Milken Institute Center for Financial Markets and Opportunity Network for an evening of networking, cocktails, and discussion covering the potential ramifications of Brexit on the UK FinTech industry. We look forward to seeing you there!
- Baroness Sharon Bowles, Former Chair of The Economic & Monetary Affairs Committee of the European Parliament
- Nicholas Burge, Managing Director, Head of Global Corporate Structural & Regulatory Solutions, Lloyds Bank
- Jackson Mueller, Deputy Director, FinTech Program, Center for Financial Markets
- Aymen Saleh, Senior Partner and Managing Director, Boston Consulting Group
- Mark Tate, Managing Director for UK, Opportunity Network
For event details and registration, please contact Jackson Mueller – firstname.lastname@example.org