TheCityUK responds to EBA and ECB on firms’ Brexit contingency plans

The EBA and ECB both today issues comments critical of UK-based financial firms preparedness for Brexit.

Responding to comments by both the EBA and ECB relating to UK-based financial firms preparedness for Brexit, Miles Celic, Chief Executive Officer said,

Financial services firms in the UK have had contingency plans in place for months. Our industry has had a constructive, ongoing dialogue with regulators and government. We have worked together to minimise the risk of disruption to clients and the wider economy.”

“The single most helpful thing European authorities can do right now is to engage urgently and seriously with the issue of contract continuity. The lack of progress by EU regulators on this vital issue is the most pressing item on the agenda.”