Financial Conduct Authority and Barclays to be questioned by Lords EU committee
What are the implications of a potential transfer of powers to regulators after the EU (Withdrawal) Bill process? How is Barclays planning for a cliff-edge Brexit?
These are among the questions the House of Lords EU Financial Affairs Sub-Committee will be raising with witnesses on Wednesday 29 November 2017.
At 10.15am the Committee will hear from Andrew Bailey, Chief Executive Officer, Financial Conduct Authority (FCA).
Questions the Committee is likely to ask Mr Bailey include:
- How could contractual continuity for cross-border loans, derivatives contracts and insurance contracts be assured?
- Could moves undertaken by the industry as part of the Brexit process be used to conceal risks from regulators?
- What can the FCA do to ensure that global markets remain open?
- How can the FCA make use of greater autonomy post-Brexit?
- What can UK regulators do to encourage Fintech and innovation?
At 11.15am the Committee will hear from John McFarlane, Chairman, Barclays.
Questions the Committee is likely to ask Mr McFarlane include:
- Is Brexit a threat or spur to innovation? What are the opportunities?
- How has Barclays engaged with its EU-27 customers to help understand and communicate the impact of Brexit?
- Will the UK Exchequer lose tax revenue as a result of Barclays' plans?
- What would be the impact of Barclays having to adhere to separate UK and EU regulatory regimes?
- What effect could the imposition of a location policy for central counterparties (CCPs) have for Barclays as a clearing member?
The evidence session will take place from 10.15am on Wednesday 29 November 2017 in Committee Room 4A of the House of Lords.
