Giles Williams, Financial Services partner at KPMG in the UK, said:
“Although it was well known that the referendum result would be a close call, the leave vote will send a shudder through the financial services industry. The harsh reality of the probable changes to passporting arrangements and market structure, our clients’ operating models and engagement with the wider economy across Europe will now sink in. Of course we will see short term volatility which is a natural consequence of a vote of this nature. The critical issue is how this will play out going forward.
“The Financial Services industry needs to quickly develop its ‘asks’ of politicians to make sure that financial services can continue to play its crucial role in the wider economy. It is critical that the negotiating teams fully understand the implications and consequences of dislocating European capital markets, banking, insurance and asset management on the economy both here in the UK and in Europe. “In terms of priorities for the economy, the ability for Europe to access London’s well developed markets in insurance, securities and banking is critical. Equally UK-based firms must be able to continue to provide financial solutions to the market, corporates and individual citizens across Europe and internationally.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.