UK financial services increasingly feel risks outweigh opportunities as Brexit draws nearer, according to the latest snapshot member survey by ACCA (the Association of Chartered Certified Accountants).

Almost half (49%) of representatives from FS firms surveyed by ACCA stated that the risks posed by Brexit are greater than the opportunities (compared to 14% who believed the opposite). Last year this negative imbalance was 40% to 16% respectively and this year it increased to 49% and 16% respectively.

The survey also found that the number of respondents making Brexit contingency plans has increased from last year. Yet over a third say they will have either little or no preparation plan in place by the time the UK formally leaves the EU in a year’s time.

At the same time, views are more balanced regarding the long-term impact of Brexit. One third (33%) expect that in five years’ time the opportunities will outweigh the risks, while 32% state the opposite.   

Maggie McGhee, Director of Professional Insights at ACCA says,

‘While this is only a snapshot of the large and diverse FS sector, the findings reflect the views commonly heard from our membership. While the proposed transition deal means business as a whole has some degree of clarity, the race is now on to secure a favourable Brexit outcome for FS.

‘At the same, government should not lose sight of the long-term opportunities for Brexit. A favourable regulatory environment could benefit financial services if it facilitates improved relationships with the global economy.

‘Yet to achieve the right levels of cooperation and coordination with our European and global partners, the work has to start now.’

The second edition of Brexit impact on financial services is based on the views of 250 professional accountants working across the financial services sector: http://www.accaglobal.com/gb/en/professional-insights/global-economics/brexit-impact-on-financial-services-second-edition.html

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About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 200,000 members and 486,000 students in 180countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,200 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up-to-date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com