Nicky Morgan asks the PRA for an update on banks' Brexit contingency plans

Nicky Morgan, newly elected chair of the Treasury Select Committee, has asked the Prudential Regulation Authority to provide an update on banks' and insurers' contingency plans for Brexit.

Morgan, who is a Conservative MP for Loughborough, today wrote to Sam Woods, chief executive of the PRA to request information on its recent survey of regulated firms that undertake cross-border activities between the UK and the rest of the EU.

She requested a response from Woods by Wednesday.

Woods had called for a summary of contingency plans for the "most adverse potential outcomes" of the UK leaving the European Union by the 14th of July.

Read more: Treasury watchdog Nicky Morgan wants jobs prioritised in Brexit talks

"The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector," Morgan said.

Morgan also asked Woods for his views on a transitional arrangement with the EU.

Morgan said:

Getting these arrangements right will be crucial for ensuring that the City retains its pre-eminence as a global financial centre, and to protect the economy and jobs as the UK leaves the EU.

Read more: FCA to UK's biggest asset managers: Show us your Brexit plans

Full story: Nicky Morgan asks the PRA for an update on banks' Brexit contingency plans: City A.M.

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News