BoE: Brexit still poses material risks to financial services

The Bank of England's Financial Policy Committee published the record of its meeting held on 12 March 2018. 

Key points:

   •  Progress has been made in mitigating Brexit risks
   •  Problem is that firms may not have necessary permissions to provide services after Brexit
   •  The FPC is said to "consider possible forms for the future relationship between UK and EU in financial services"
   •  Counter-cyclical capital buffer (CCYB) for banks held at 1%
   •  There are arguments for a "measured increase" in CCYB
   •  CCYB left unchanged to give banks more time to adjust