Following the extension of the article 50 period to 31 October 2019, banks are continuing to implement their contingency plans for a no-deal Brexit scenario in light of the ongoing political uncertainty.

While a very substantial amount of work has already been undertaken to mitigate risks by both firms and regulators, a no-deal Brexit is likely to have a significant impact on the financial services sector and regulatory and operational challenges remain.

We remain focused on addressing the regulatory and operational issues which arise from a no-deal Brexit scenario to avoid cliff edge effects that would significantly affect the financing of the economy and the orderly functioning of markets in the EU27 or the UK. A selection of our publications addressing these issues is included in the appendix.

In this paper we take stock of no-deal risks in the financial services sector and highlight areas where further work is needed to mitigate risks of a no-deal scenario and minimise disruption to markets and clients.