Brexit, 10 Years Post-Financial Crisis, and Future-Proofing the Financial System
Takeaways from the 2019 European Financial Forum
I had the great pleasure of attending the European Financial Forum conference this week in Dublin. The event focused on the disruptive forces changing the financial services industry and was concentrated on the impact of Brexit, as well as the state of the industry 10 years on from the financial crisis. It was no surprise that Brexit dominated the discussions. With the 29 March deadline seemingly stampeding towards us without a clear exit strategy, FIs have prepared for a worst-case scenario (no-deal Brexit). One of the topics that I found particularly interesting was the concept of “future-proofing” the banking system so that we, as an industry, do not create then endure another economic crisis. There was healthy scepticism met with hopeful optimism on this topic — do we still believe in the powers that regulate the financial system? Is it just a matter of time until the next crisis hits? While I don’t have these answers, I would suggest that one of the biggest risks we face today is the dispersion of financial markets outside of the traditional industry.