Nothing could be farther from the truth. Let me explain why, by focusing on the financial services sector. What will the impact of Brexit be on financial institutions? Financial institutions should prepare for the worst case – that is, a “no deal” scenario – with a disorderly exit of the UK in March 2019.
As daunting as it seems, this “no deal” scenario is – if we take a positive view – luckily, quite clear; there will be no surprises. WTO rules will apply, as the UK will be a third country. With regard to banking, the relevant EU regulations and directives will necessitate a licence from an EU supervisor.