City of London Corporation Policy Chair reacts to European Commission “no-deal” Brexit Contingency Action Plan

Commenting on the financial services aspects of the “no-deal” Brexit Contingency Action Plan released by the European Commission today, the City of London Corporation’s Policy Chair Catherine McGuinness said:

“This decision provides vital clarity to UK clearing houses and their customers in the EU.

“I am glad the Commission has started to address the serious cliff edge risks of a no deal scenario. The Commission now needs to take steps to address the significant risks to data transfers and contract continuity for insurance and uncleared derivatives at an EU level.

“A no-deal Brexit would be in nobody’s interests. The sector needs these issues dealt with, and a transition period to allow time to work through this complex process.”