Signs that the government is working closely with the financial services sector on Brexit are increasing. Last week, the Chancellor hosted a meeting of the Financial and Professional Services’ Business Council at Downing Street, which was joined by the Prime Minister.

The Council represents companies from across the UK’s financial and professional service industries and is co-chaired by Paul Manduca, Chair of Prudential, and Shriti Vadera, Chair of Santander UK.

Members include: Jes Staley, CEO of Barclays; Clare Woodman, Head of EMEA, Morgan Stanley & Co. International; Jeffrey Sprecher, Chairman and CEO, Intercontinental Exchange; Peter Harrison, Group CEO, Schroders and Chairman of the Investment Association; Rachel Lord, Head of EMEA, Blackrock; Bruce Carnegie-Brown, Chairman, Lloyds of London; Mark Tucker, Chairman, HSBC Holdings; David Schwimmer, CEO, London Stock Exchange Group; Hamish Forsyth, President Europe & Asia, Capital Group Companies Global; Nick Owen, Chairman, Deloitte UK; Edward Braham, Senior Partner, Freshfields Bruckhaus Deringer; Christine O’Neill, Chairwoman, Brodies LLP; Christine Hodgson, Chairwoman, Capgemini UK; Christian Sewing, CEO, Deutsche Bank; Andrew Telfer, Senior Partner, Baillie Gifford & Co; and Sir Adrian Montague, Chairman, Aviva.

It is one of the five new business councils set up by Theresa May at the beginning of the year to advise the government on the opportunities and challenges facing critical sectors post-Brexit. According to an announcement from the government, members have been developing a number of policy proposals and recommendations.

However, why these initiatives were not put in place immediately after the 2016 referendum and before Article 50 was triggered is a mystery.
At Downing Street, delegates discussed a number of opportunities and policy ideas on growth, competitiveness, and regulation post-Brexit. They also spoke about how to remain at the forefront of FinTech globally, support start-ups, and ensure the industry has the right skills and talent for the future.

Be part of a discussion and connect with like-minded leaders in your sector at our exclusive event series on banking and RegTech.