{"id":2082,"date":"2018-03-20T14:24:26","date_gmt":"2018-03-20T14:24:26","guid":{"rendered":"https:\/\/readyforbrexit.co.uk\/?page_id=2082"},"modified":"2020-03-16T17:39:27","modified_gmt":"2020-03-16T17:39:27","slug":"services-and-employment","status":"publish","type":"page","link":"https:\/\/readyforbrexit.co.uk\/services-and-employment\/","title":{"rendered":"Services and Employment"},"content":{"rendered":"<p>[vc_row][vc_column width=&#8221;1\/4&#8243;][vc_widget_sidebar sidebar_id=&#8221;cs-6&#8243;][\/vc_column][vc_column width=&#8221;3\/4&#8243; el_class=&#8221;taxonomy-right-column&#8221;][vc_column_text css=&#8221;.vc_custom_1584380364060{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<img class=\"alignnone wp-image-2744 size-full lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory.jpg\" alt=\"Brexit services and employment advice and checklist\" width=\"885\" height=\"316\" data-srcset=\"https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory.jpg 885w, https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory-300x107.jpg 300w, https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory-768x274.jpg 768w\" sizes=\"(max-width: 885px) 100vw, 885px\" \/><noscript><img class=\"alignnone wp-image-2744 size-full lazyload\" src=\"https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory.jpg\" alt=\"Brexit services and employment advice and checklist\" width=\"885\" height=\"316\" srcset=\"https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory.jpg 885w, https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory-300x107.jpg 300w, https:\/\/readyforbrexit.co.uk\/wp-content\/uploads\/2018\/03\/Brexit-regulatory-768x274.jpg 768w\" sizes=\"(max-width: 885px) 100vw, 885px\" \/><\/noscript><\/p>\n<p>&nbsp;<\/p>\n<h2>Financial services are a key part of the UK and EU economy, providing services to commercial and retail customers.<\/h2>\n<p>The sector includes banking, insurance, investment and property, and employs more than 1 million people. It could be critically impacted by Brexit and is a key area for the negotiations:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.consilium.europa.eu\/media\/33458\/23-euco-art50-guidelines.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">The European Council\u2019s March 2018 negotiating guidelines<\/a> envisage the UK becoming a \u201cthird country\u201d, outside the EU27\u2019s legal framework<\/li>\n<li>The UK government set out its view in the <a href=\"https:\/\/www.gov.uk\/government\/speeches\/chancellors-hsbc-speech-financial-services\" target=\"_blank\" rel=\"noopener noreferrer\">Chancellor\u2019s HSBC speech<\/a> that the size and importance of the UK\u2019s finance sector means there should be a \u201cstructured regulatory dialogue\u201d with the UK being allowed to \u201cdeliver an equivalent outcome by different means\u201d, and with the industry having a \u201c<a href=\"https:\/\/www.ft.com\/content\/9e637940-c95a-11e7-ab18-7a9fb7d6163e\" target=\"_blank\" rel=\"noopener noreferrer\">special travel regime<\/a>\u201d for inter-company transfers of less than 3 months<\/li>\n<li>The financial services industry\u2019s <a href=\"https:\/\/www.irsg.co.uk\/resources-and-commentary\/a-new-basis-for-access-to-eu-uk-financial-services-post-brexit\/\" target=\"_blank\" rel=\"noopener noreferrer\">International Regulatory Strategy Group<\/a> \u00a0have called for a close working arrangement between the UK and EU27, with a robust dispute resolution mechanism.<\/li>\n<\/ul>\n<p><strong>UK view on a No Deal Brexit for Banking &#8211; August 2018<\/strong><\/p>\n<p>The key issue for both providers and users of financial services is the loss of \u201cpassporting\u201d in the event of no-deal. Passporting essentially provides a licence to operate in European Economic Area (EEA) countries other than that in which the provider is domiciled. No-deal would mean the end of passporting, both for UK firms to EEA countries, and the converse.<\/p>\n<p>HMG\u2019s proposal, <strong>as a partial solution<\/strong>, is the creation of a Temporary Permissions Regime (TPR), which would act as a quasi-passporting framework, for EU service providers wishing to continue to operate within the UK. In essence, it aims to extend the licence to operate in the UK, for EEA firms, after cessation of the existing passporting arrangements.<\/p>\n<p>As its name implies, it is intended to provide a temporary framework, to reduce disruption of finance-related facilities in the event of no-deal. Clearly, a longer-term solution will ultimately be needed.\u00a0<strong>HOWEVER<\/strong>, TPR only offers a solution for one dimension of the problem. It applies only to \u2018passporting-in\u2019 of services to the UK by providers from the EEA.<\/p>\n<p>UK providers of financial services to EEA countries are not covered by TPR, so a no-deal would mean loss of licence to operate in the EEA after cessation of passporting, unless, for example, the provider establishes a local subsidiary in the relevant EEA state.<\/p>\n<p><strong>The implications vary across different financial services, and types of customer. We strongly encourage members to use our Brexit Directory to access information on relevant details.<\/strong><\/p>\n<p>The main document on <a href=\"https:\/\/www.gov.uk\/government\/publications\/banking-insurance-and-other-financial-services-if-theres-no-brexit-deal\/banking-insurance-and-other-financial-services-if-theres-no-brexit-deal\" target=\"_blank\" rel=\"noopener noreferrer\">\u201cBanking, insurance and other financial services\u201d can be found here<\/a>.\u00a0The Treasury&#8217;s approach to financial services legislation under the EU (Withdrawal) Act 2018, along with <a href=\"https:\/\/www.gov.uk\/government\/publications\/financial-services-legislation-under-the-eu-withdrawal-act\" target=\"_blank\" rel=\"noopener noreferrer\">details of draft legislation and policy notes can be found here.<\/a><\/p>\n<p>The Bank of England&#8217;s information about the Temporary Permissions and Temporary Recognition Regimes, including <a href=\"https:\/\/www.bankofengland.co.uk\/news\/2018\/july\/temporary-permissions-and-recognition-regimes\" target=\"_blank\" rel=\"noopener noreferrer\">what action firms or FMIs should take now\u00a0is linked here.<\/a><\/p>\n<p>The FCA&#8217;s information about the <a href=\"https:\/\/www.fca.org.uk\/markets\/eu-withdrawal\/temporary-permissions-regime\" target=\"_blank\" rel=\"noopener noreferrer\">Temporary Permissions Regime, including what action firms should take now is linked here.<\/a><\/p>\n<p>The FCA&#8217;s <a href=\"https:\/\/www.fca.org.uk\/firms\/preparing-for-brexit\" target=\"_blank\" rel=\"noopener noreferrer\">guidance for firms on preparing for the UK\u2019s exit from the EU is linked here.<\/a><\/p>\n<p>The Bank of England&#8217;s document setting out its approach to financial services legislation under the European Union (Withdrawal) Act 2018 is linked <a href=\"https:\/\/www.bankofengland.co.uk\/news\/2018\/june\/boes-approach-to-financial-services-legislation-under-the-eu-withdrawal-act\">here<\/a>.[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1535727368879{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/banking\/\">BANKING<\/a><\/h3>\n<h4>The nature, structure and mechanics of Banking after Brexit remain unclear at this stage&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/banking\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1529536019558{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/eu-licenses\/\">EU LICENSES<\/a><\/h3>\n<h4>Import and Export licenses for certain controlled goods&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/eu-licenses\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1529536072354{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/eu-sme-set-up\/\">EU\u00a0SME SET UP<\/a><\/h3>\n<h4>There may be help available from the EU if an SME wishes to set up in an EU state or if an SME wants to import into the EU&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/eu-sme-set-up\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1529536277150{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/future-trade-models\/\">FUTURE TRADE MODELS<\/a><\/h3>\n<h4>The Institute for Government has summarised the current 4 broad models for conducting financial services trade between the UK and the EU&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/future-trade-models\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1529536343966{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/insurance\/\">INSURANCE<\/a><\/h3>\n<h4>The London insurance market is currently the largest global centre for insuring commercial and specialty risks&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/insurance\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1529536420163{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/investment\/\">INVESTMENT<\/a><\/h3>\n<h4>Norton Rose Fulbright highlight that the big issue for the UK asset management industry is the risk of changes to delegation rules&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/investment\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1529536486144{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/property\/\">PROPERTY<\/a><\/h3>\n<h4>Whilst Property, by its nature, has a strongly local flavour, Brexit has the potential to impact&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/property\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1584380275835{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/right-to-employ\/\">RIGHT TO EMPLOY<\/a><\/h3>\n<h4>EU citizens who arrive in the UK to live and work before 31 December 2019 will be able to apply for \u2018settled status\u2019&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/right-to-employ\/\">More \u2192<\/a>[\/vc_column_text][vc_column_text el_class=&#8221;.links-panels-title&#8221; css=&#8221;.vc_custom_1529536648584{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;]<\/p>\n<h3><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/staffing\/\">STAFFING<\/a><\/h3>\n<h4>Many employment rights, including legislation on working time; annual holiday entitlement; atypical working; and a number of&#8230;<\/h4>\n<p><a href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/staffing\/\">More \u2192<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column width=&#8221;1\/4&#8243;][vc_widget_sidebar sidebar_id=&#8221;cs-6&#8243;][\/vc_column][vc_column width=&#8221;3\/4&#8243; el_class=&#8221;taxonomy-right-column&#8221;][vc_column_text css=&#8221;.vc_custom_1584380364060{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;] &nbsp; Financial services are a key part of the UK and EU economy, providing services to commercial and retail customers. The sector includes banking, insurance, investment and property, and employs more than 1 million people. It could be critically impacted by Brexit and is a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"pmpro_default_level":0},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Services and Employment - Ready for Brexit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/readyforbrexit.co.uk\/services-and-employment\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Services and Employment - Ready for Brexit\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column width=&#8221;1\/4&#8243;][vc_widget_sidebar sidebar_id=&#8221;cs-6&#8243;][\/vc_column][vc_column width=&#8221;3\/4&#8243; el_class=&#8221;taxonomy-right-column&#8221;][vc_column_text css=&#8221;.vc_custom_1584380364060{margin-bottom: 5px !important;padding-bottom: 20px !important;}&#8221;] &nbsp; Financial services are a key part of the UK and EU economy, providing services to commercial and retail customers. The sector includes banking, insurance, investment and property, and employs more than 1 million people. 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