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Stuart O'Brien

If you specialise in Financial Crime Prevention Solutions we want to hear from you!
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Each month on Fraud Prevention Briefing we’re shining the spotlight on a different part of the market – and in April we’ll be focussing on Financial Crime Prevention Solutions.

It’s all part of our ‘Recommended’ editorial feature, designed to help industry buyers find the best products and services available today.

So, if you specialise in Financial Crime Prevention Solutions and would like to be included as part of this exciting new shop window, we’d love to hear from you – for more info, contact Jennie Lane on 01992 374 098 | j.lane@forumevents.co.uk.

Apr – Financial Crime
May – Multi-factor Authentication
Jun – Digital Identity Verification
Jul – Fraud Detection Tools
Aug – Anti Fraud Platforms
Sep – AI for Fraud
Oct – Chargebacks
Nov – Biometrics for Fraud prevention
Dec – Mobile Fraud Prevention
Jan – Digital Identity Verification
Feb – Fraud Prevention Solutions
Mar – Risk Prevention & Compliance

Photo by Markus Winkler on Unsplash

Mother’s Day shopping spree predicted for UK retail
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UK shoppers are set to spend £1.7bn on Mother’s Day this year, a 1.1% increase on 2023, as over half of consumers intend to purchase an item to celebrate the occasion, though price remains a main concern.

That’s according to the UK Mother’s Day Intentions 2024 report from GlobalData, which also cautions that high inflation means that shoppers are paying more for less, and therefore the nation’s mums are likely to find that the gifts bestowed on them are less impressive than last year.

According to GlobalData’s report, 41% of consumers who intend to, or have already purchased, an item for Mother’s Day have or will spend under £20 on gifts. Food gifts and flowers will be popular products this year, and as such, retailers must focus on showcasing entry price points to entice greater spend on the occasion.

Joe Dawson, Analyst at GlobalData, said: “Consumers still have tight budgets, and seeking out the lowest prices has become a norm for many. To capitalize on the high participation in the event, retailers must ensure that they are promoting the affordability of their ranges by clearly signposting Mother’s Day deals and discounts online and instore.”

The grocers are particularly well placed to benefit from consumers looking to cut back and should use exclusive loyalty scheme offers and discounts to encourage shoppers to spend more. Around a fifth of consumers stated that they intended to buy clothing or jewellery this Mother’s Day (19% and 21%), and retailers will need to cater to those looking to cut back by offering a range of price points.

Dawson concluded: “While the proportion of consumers intending to purchase gifts is higher for Mother’s Day than it was on Valentine’s Day, it is still lower than the 65% of consumers that participated in the event in 2023. Showcasing high quality products at affordable prices will be key to appealing to consumers looking to treat their loved ones at a lower cost and capturing greater spend closer to the date.”

Photo by Nick Fewings on Unsplash

FRAUD PREVENTION MONTH: Finding the right merchant fraud prevention partner
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Retail professionals face the constant challenge of merchant fraud – fraudulent transactions that target online businesses. Protecting your bottom line and maintaining customer confidence requires a robust fraud prevention strategy and a trusted partner. Here’s your guide to sourcing reliable merchant fraud prevention solutions providers…

1. Understand the Nature of Merchant Fraud:

Knowledge is power. Familiarise yourself with common merchant fraud tactics, such as card-not-present (CNP) fraud, identity theft, friendly fraud (chargebacks), and triangulation scams. This will help you identify providers specializing in the areas most relevant to your business.

2. Look for a Hybrid Approach:

Seek providers that blend advanced technology with expert human review. AI-powered fraud detection systems can analyze massive volumes of data in real-time, flagging suspicious transactions. However, human analysts are crucial for investigating complex cases and verifying flagged orders before they’re declined.

3. Emphasize Customisation:

Your business is unique. One-size-fits-all fraud prevention solutions may leave gaps in your defenses. Choose a provider that offers tailored solutions, allowing rule-based filtering and risk scoring to be customized based on your specific business model and fraud patterns.

4. Prioritize Data Protection:

Customer data security is paramount. Verify that the provider adheres to strict data protection standards, complying with industry regulations like PCI-DSS and GDPR. Robust security measures must be in place to protect sensitive customer information.

5. Demand 3D Secure Integration:

3D Secure (e.g., Verified by Visa, Mastercard SecureCode) adds an extra layer of authentication for online payments, shifting liability away from the merchant in certain cases. Ensure your chosen provider offers seamless integration with 3D Secure protocols.

6. Assess Chargeback Management Capabilities:

Chargebacks are a major pain point for merchants. Choose a provider that offers proactive chargeback prevention tools and expert assistance in representing your case if a chargeback does occur.

7. Seek Industry Endorsements:

Verify the provider’s reputation through industry reviews, accreditations, or awards. Look for affiliations with organizations demonstrating their commitment to merchant fraud prevention.

8. Insist on Transparency and Clear Pricing:

Seek providers offering upfront, transparent pricing structures. Be wary of hidden fees or complex contracts. Understand exactly what you will be paying for, including implementation costs, transaction fees, and chargeback management services.

9. Foster Open Communication:

Treat your provider as an extension of your team. Look for partners that value communication and are willing to provide regular updates on fraud trends, performance metrics, and proactive strategies for protecting your business.

By following these top tips, retail professionals can confidently navigate the selection process and find trusted merchant fraud prevention solutions providers. Partnering with a reputable provider will shield your online business from the ever-evolving threat of fraud, ultimately boosting your profitability and safeguarding your customer relationships.

Are you searching for Fraud Prevention solutions for your organisation? The Fraud Prevention Summit can help!

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Retail sector the ‘least confident’ in ability to prevent cyber attacks
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Node4’s Mid-Market IT Priorities Report 2024 has revealed the top ten mid-market cyber security threats for the next 12 months, as set out by the sector’s IT decision-makers. Top of the list is insider threat, followed by AI-related threats, ransomware, deep fakes and malware. The second half includes DoS attacks, supply chain attacks, phishing, zero-day attacks and scams/fraud.  

Paul Bryce, Managing Director at Node4, said: “The high level of concern around insider threats could be attributed to the large number of job transitions and redundancies over the past 12 months, coupled with the growing reliance on contractors to address IT and cyber security skills gaps. It might also be linked to long-term, security-related worries, flexible working and the increased potential for cyber attacks on a distributed workforce.” 

Node4’s new research also points to significant adoption of pre-crime and preventative cyber security measures, with around 40% of respondents stating they currently have dark web intelligence and incident response capabilities — suggesting a growing level of maturity in cyber security policy adoption across the mid-market.  

Perhaps linked to the above findings, the report reveals a high degree of optimism surrounding cyber security defence capabilities. Over three-quarters of IT decision-makers said they were confident in their organisation’s ability to prevent and respond to cyber-attacks, despite the research being conducted at a time of increased cyber security attacks aimed squarely at small and mid-sized organisations. Breaking down these results by vertical sector, IT decision-makers working in private healthcare were the most confident, while those in retail were least so.  

It is worth sounding a note of caution here. Over a quarter of respondents told us they believe AI could expose their organisation to new cyber security risks in the future, and that dealing with AI-related threats is their top priority for the next 12 months. Further, around one-third of compliance challenges identified by respondents in this research are directly linked to IT security and cyber security risk mitigation — pointing to the ongoing complex issues at play in ensuring secureremote access to corporate data. Taken together, these findings indicate now is not the time for complacency, and the mid-market’s IT decision-makers need to double down on their proactive, vigilant cyber security stance.   

Less than 15% of mid-market IT decision-makers manage cyber security defences with internal staff, while over a third outsource to managed service providers. Meanwhile, the majority rely on a combination of in-house resources and their MSP. This could explain why nearly a quarter of respondents said the need to enhance data security and compliance was driving their digital transformation efforts.  

Bryce concluded: “Our findings show that many mid-market organisations are working hard to implement more mature and effective cyber security measures, which is encouraging given that the combined impact of lower budgets, fewer resourcesand a shortage of in-house skills could easily hamper these efforts. However, around a quarter of respondents stated that a lack of suitable services from cloud providers, primary tech partners and MSPs was aprincipal barrier to doing so. This suggests the mid-market relies increasingly on third-party support to do the heavy lifting for its cyber security strategy implementations — and will lean on it to an even greater degree as cybercriminal threats become even more complex, harder to spot and difficult to repel.” 

To download a full copy of the report, please visithttps://node4.co.uk/resource/mid-market-report-2024 

Can you afford to miss the Smarter Payments Summit?
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There are just TWO places left to the Smarter Payments Summit, taking place in two weeks’ time – This is your reminder to book your spot!

DATE: 12th March 2024

VENUE: Hilton, London Canary Wharf

Don’t miss out on this must-attend event to create valuable business relationships with industry professionals and leading suppliers, completely free of charge! – Add your name to the guest list HERE.

Attendance includes:

✅ A personalised itinerary of 1-2-1, relaxed meetings with solution providers who match your requirements

✅ Lunch and refreshments provided throughout the day

✅ Attendance to a series of seminar sessions hosted by industry thought leaders

✅ Informal networking with 45+ peers such as – New Look, Pets At Home, Amazon, ASOS, Dr. Martens, JD Sports…

Places are extremely limited, and going quickly! – Register for one of our last free remaining places here, or contact us for more info.

If you specialise in Risk Prevention & Compliance Solutions we want to hear from you!
By:

Each month on Fraud Prevention Briefing we’re shining the spotlight on a different part of the market – and in March we’ll be focussing on Risk Prevention & Compliance Solutions.

It’s all part of our ‘Recommended’ editorial feature, designed to help industry buyers find the best products and services available today.

So, if you specialise in Risk Prevention & Compliance and would like to be included as part of this exciting new shop window, we’d love to hear from you – for more info, contact Jennie Lane on 01992 374 098 | j.lane@forumevents.co.uk.

Mar – Risk Prevention & Compliance
Apr – Financial Crime
May – Multi-factor Authentication
Jun – Digital Identity Verification
Jul – Fraud Detection Tools
Aug – Anti Fraud Platforms
Sep – AI for Fraud
Oct – Chargebacks
Nov – Biometrics for Fraud prevention
Dec – Mobile Fraud Prevention
Jan – Digital Identity Verification
Feb – Fraud Prevention Solutions

Photo by Towfiqu barbhuiya on Unsplash

Up to 30% of enterprises could soon consider Identity Verification and Authentication Solutions unreliable in isolation
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By 2026, attacks using AI-generated deepfakes on face biometrics will mean that 30% of enterprises will no longer consider such identity verification and authentication solutions to be reliable in isolation, according to new analysis.

“In the past decade, several inflection points in fields of AI have occurred that allow for the creation of synthetic images. These artificially generated images of real people’s faces, known as deepfakes, can be used by malicious actors to undermine biometric authentication or render it inefficient,” said Akif Khan, VP Analyst at Gartner. “As a result, organizations may begin to question the reliability of identity verification and authentication solutions, as they will not be able to tell whether the face of the person being verified is a live person or a deepfake.”

Identity verification and authentication processes using face biometrics today rely on presentation attack detection (PAD) to assess the user’s liveness. “Current standards and testing processes to define and assess PAD mechanisms do not cover digital injection attacks using the AI-generated deepfakes that can be created today,” said Khan.

Gartner research said presentation attacks are the most common attack vector, but injection attacks increased 200% in 2023.  Preventing such attacks will require a combination of PAD, injection attack detection (IAD) and image inspection.

To assist organizations in protecting themselves against AI-generated deepfakes beyond face biometrics, chief information security officers (CISOs) and risk management leaders must choose vendors who can demonstrate they have the capabilities and a plan that goes beyond current standards and are monitoring, classifying and quantifying these new types of attacks.

“Organizations should start defining a minimum baseline of controls by working with vendors that have specifically invested in mitigating the latest deepfake-based threats using IAD coupled with image inspection,” said Khan.

Once the strategy is defined and the baseline is set, CISOs and risk management leaders must include additional risk and recognition signals, such as device identification and behavioral analytics, to increase the chances of detecting attacks on their identity verification processes.

Above all, security and risk management leaders responsible for identity and access management should take steps to mitigate the risks of AI-driven deepfake attacks by selecting technology that can prove genuine human presence and by implementing additional measures to prevent account takeover.

Photo by Ryoji Iwata on Unsplash

JD Power survey highlights biggest fraud concerns for US merchants
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Small business owners in the US are optimistic about the future, with 88% of those surveyed indicating the financial state of their individual businesses is about the same or better off than a year ago, which in turn the research asserts should bode well for the prospects of merchant service providers.

According to the J.D. Power 2024 U.S. Merchant Services Satisfaction Study, small business financial optimism is correlated with increased sales processed by merchant services providers. There are 94% of merchants that now accept debit or credit cards; 88% that accept digital wallet; and 54% that accept Buy Now, Pay Later (BNPL) payment methods.

However, when it comes to small business satisfaction with those services, scores are lowest among merchants for processing widely accepted payment types such as credit and debit card transactions and are highest for processing less widely accepted payment types like BNPL.

“We’re seeing an interesting disconnect in the merchant services marketplace whereby the most frequently processed forms of payment—credit and debit cards—generate the lowest levels of overall satisfaction among small business owners, while less common payment types such as BNPL, pay by bank and gift cards drive higher satisfaction,” said John Cabell, managing director of payments intelligence at J.D. Power. “Part of that is driven by demographics. Younger, newer business owners are more apt to accept a wide variety of payment types and have higher overall satisfaction with their merchant services providers. However, we’re also seeing some challenges across the board with debit and credit when it comes to delays in account funding, cost and fees and fraud management.”

Following are key findings of the 2024 study:

  • Credit and debit reign supreme on usage, but fail to deliver on satisfaction: Overall, 94% of small businesses accept debit or credit card payments. Most merchants have their credit card (81%) and debit card (80%) payments processed by their provider. Despite being the most processed forms of payment, overall merchant services satisfaction scores are lowest across all aspects of the customer experience among small businesses that have credit cards (692 on a 1,000-point scale) and debit cards (694) processed by their provider.
  • Satisfaction highest among businesses where BNPL is processed: Slightly more than half (54%) of small businesses accept BNPL and just 27% of merchants report processing BNPL with a profiled brand; satisfaction scores are highest (744) among small businesses that do have this payment type processed. Overall merchant services satisfaction rises as businesses process more payment options, reaching a high score of 793 among the 4% of businesses that cite six different payment types processed.
  • Gap emerges between small business innovators and traditionalists: Two distinct categories of small business owners have begun to emerge in the study dataset: innovators, who represent 47% of the study population and are younger, newer business owners who are more likely to accept a wide variety of payment types, and traditionalists, who represent 53% of the study population and are older and prefer cash, checks and in-person purchases. Overall merchant services provider satisfaction is significantly higher among innovators.
  • Cost, fraud risk and complexity emerge as top obstacles: Among small business owners who are unwilling to accept credit and debit cards, higher cost of acceptance and higher risk of fraud/theft are top reasons. Among those who are unwilling to accept BNPL, digital wallet or pay-by-bank payments, the primary reasons are difficulty of use/complicated process and too much effort versus other priorities.

Shopify ranks highest in merchant services satisfaction, with a score of 728. Paysafe (725) ranks second and Bank of America (713) ranks third.

The U.S. Merchant Services Satisfaction Study was redesigned in 2024. It is based on responses from 5,383 small business customers of merchant services providers and measures satisfaction across six factors (in alphabetical order): advice and guidance on running your business; cost of processing payments; data security and protection; managing my account; payment processing; and quality of technology. The study was fielded from September through November 2023.

Photo by Lucas Sankey on Unsplash

FRAUD PREVENTION MONTH: How retailers can mount a front-line defence
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In a retail sector where transactions occur in vast numbers daily, both in physical stores and online, the implementation of effective fraud prevention solutions is paramount. Anti-fraud professionals face a constant battle against sophisticated fraud schemes that threaten operational integrity and customer trust. Here are the key pillars for implementing effective fraud prevention solutions within retail…

1. Comprehensive Risk Assessment: The foundation of effective fraud prevention is a thorough risk assessment. Retailers must identify and evaluate the specific fraud risks pertinent to their operations, whether related to payment fraud, return fraud, or cyberattacks. Understanding these risks allows for the development of targeted strategies to mitigate them.

2. Multilayered Security Measures: Relying on a single fraud prevention technique is rarely sufficient. Implementing a multilayered approach, which could include encryption, tokenization, two-factor authentication, and advanced fraud detection algorithms, ensures a more robust defence against fraud. Each layer targets different aspects of fraud, making it more challenging for fraudulent activities to succeed.

3. Real-time Fraud Detection and Monitoring: The ability to detect and respond to fraudulent activities in real-time is crucial. Utilising advanced analytics and machine learning technologies can help in identifying patterns and anomalies indicative of fraud as they occur. Continuous monitoring of transactions and customer behaviour allows for immediate action to be taken, minimising potential damage.

4. Employee Training and Awareness: Employees are often on the front line of fraud prevention. Regular training programs can equip them with the knowledge to recognise and respond to fraud attempts effectively. Awareness campaigns can also foster a culture of vigilance among staff, ensuring that fraud prevention is seen as a collective responsibility.

5. Customer Education: Educating customers about safe shopping practices and how to protect their personal information can play a significant role in fraud prevention. Information on recognising phishing attempts, securing online accounts, and safely conducting transactions can empower customers to be part of the solution.

6. Collaboration and Information Sharing: Fraudsters often target multiple retailers with similar tactics. Collaboration among retailers and with law enforcement agencies can facilitate the sharing of intelligence about emerging fraud trends and effective prevention strategies. This collective approach enhances the ability of individual retailers to protect themselves and their customers.

7. Regular Review and Adaptation: The threat landscape is constantly evolving, as are the tactics used by fraudsters. Regularly reviewing and updating fraud prevention strategies in response to new threats and technological advancements ensures that retailers remain one step ahead. This includes revisiting risk assessments, security measures, and training programs to reflect the current environment.

In conclusion, iImultilayered security measures, real-time detection, employee and customer education, collaboration, and regular review, anti-fraud professionals can establish a strong defence against the ever-changing threat of fraud, safeguarding their operations and maintaining customer trust.

Are you searching for Fraud Prevention solutions for your organisation? The Fraud Prevention Summit can help!

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Brexit Revisited: The outlook for financial services four years later 
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On 31 January 2020, the UK officially left the European Union. After years of deliberation following the 2016 Referendum, the country officially left the EU at 23:00 GMT. In both the leadup to this date and the months after, there was much debate about how the UK would be impacted financially. 

Speculation was rife: Would new trading opportunities with non-EU countries be able to replace our position in the European single market? Would European firms move their operations away from the UK, leaving thousands of Brits jobless? The concerns of the Remain campaign were dismissed as scaremongering, as the Leave campaign envisaged a brighter future for the UK, unshackled by restrictive EU laws.

As the four year anniversary of Brexit approaches, we’re afforded a little more clarity over the actual impact of Brexit upon the UK’s financial services industry. The commercial finance experts at Anglo Scottish Finance have taken a look at which of the early Brexit predictions have proven to be accurate – and how the outlook is for the financial services sector going forward...

Key findings:

  • In the immediate aftermath of Brexit, 44% of the largest financial services firms and 37% of fintech companies in the UK planned to move part of their operations (and/or staff) to the EU. 
  • 2016 estimates predicted that 75,000 financial services jobs would move from the UK to the EU as a result of Brexit – the actual figure was estimated at about 7,000.
  • Financial services accounts for 50% of the UK’s entire trade services surplus. 
  • Financial services is a vital part of the UK’s international trade, accounting for over 19% of the UK’s services exports as of June 2022.
  • Between 2018 and 2021, there was an 18% decrease in financial services exports to the EU, and a 4% increase in exports to non-EU countries. 
  • Between 2019 and 2022, the UK’s GDP growth was lower than the OECD, G7 and EU27 average.
  • The UK financial services market stands to benefit from new trade terms with Korea – financial services are the UK’s second-largest services export to Korea. 

A mass exodus?

After Brexit, there were huge concerns over financial services firms leaving the UK, and leaving thousands of Brits jobless. In the immediate aftermath of Brexit, 44% of the largest financial services firms in the UK planned to move part of their operations (and/or staff) to the EU. 

The story was the same for fintech companies – 37% of firms interviewed by researchers at Anglia Ruskin University planned to at least partially relocate in the event of a no-deal Brexit. A follow-up study in 2023 found that 84% of the firms that had planned to leave the UK followed through with their plans. 

There was something of a deluge in terms of the number of companies leaving the EU between 2017 and 2021, however, which has stabilised since. This indicates that, while a big portion of the UK’s elite financial services companies did leave the UK in the wake of Brexit, most left soon after the referendum took place. 

There have been encouraging signs, however, both for the businesses who stayed, and in terms of businesses now looking to return. In spite of these issues, financial services has remained a vital driver of the UK economy, and accounts for 50% of the UK’s entire trade services surplus.

In December 2023, Dutch company Bunq, the second-largest neobank in the EU, announced plans to return to the UK having left the country after Brexit. 

During the same month, the UK and Switzerland announced a “first-of-its-kind” financial services deal designed to ally the two banking centres closer together. It is thought that the deal would not have been possible while the UK was in the European Union. 

So, though Brexit did cause an early exodus for some of the UK’s top financial firms, the sector has remained strong, and London remains a lucrative destination for European firms plotting a return. Meanwhile, the new deal with Switzerland aims to facilitate better business between financial firms, indicating an improved outlook for business with one of Europe’s top banking centres. 

The brain drain?

As elite firms announced plans to leave the country, the focus quickly shifted to UK jobs in the financial services sector and how they would be affected. 2016 estimates predicted that 75,000 financial services jobs would move from the UK to the EU as a result of Brexit – almost seven percent of the total number of jobs in the industry. 

In reality, though jobs were lost, these figures were dramatically inflated. Employment conditions for those working in financial services have been nowhere near as difficult as initially predicted. In 2022, the actual figure was estimated at about 7,000.

Heading into 2024, there have been concerns about Gen Z’s top European finance talents leaving the UK in favour of a return to Europe, where working conditions and the cost-of-living are thought to be more favourable. 

New regulatory policies are going some way to combat this in the financial sector, however. In October, the UK announced that it would remove the bonus cap it inherited from the EU, which dictates that variable pay cannot exceed 100% of fixed pay (or 200% with shareholder approval). 

This factor differentiates the UK from the rest of the EU, aligning it more closely with New York. Policies like this aim to ensure Britain – and London, in particular – remains a lucrative destination for top banking talent.

International trade 

Financial services remains a vital part of the UK’s international trade, and accounted for 19.1% of all UK services exportsas of June 2022. At the time of the referendum, one of the key arguments presented for Brexit was the country’s chance to become less reliant on EU trade and open up trading alliances with new countries. 

For many in 2016, particularly those that subscribed to Boris Johnson’s views, presented themselves as “Economists for Brexit,” arguing that leaving the EU would allow Britain to escape “growth-shackling European policies, freeing markets both internally and externally.” 

The end of Britain’s partnership with the EU undoubtedly necessitated new trade relationships and new trade priorities, but have these benefitted the country? 

Thanks to the pandemic, international trade performance has been skewed in the window between Brexit taking place and now. However, between 2019 and 2022, the UK’s GDP growth was lower than the OECD, G7 and EU27 average, indicating an overall slump from an international trade perspective. 

Between 2018 and the year immediately after actually leaving the EU, the UK witnessed a significant drop in financial services exports from the UK to the EU. There was an 18% decrease in exports of these services to the EU. Trade to non-EU countries proved an inadequate replacement, rising by just 4% in the same window. 

Despite this, new international trade agreements are opening doors to international trade with new markets with a view to negating that loss. 

The future trade outlook

In July 2023, the UK joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement including countries such as Australia and New Zealand, Mexico, Chile and Vietnam. However, alongside November’s Autumn Statement, the Office for Budget Responsibility noted that the deal would add just 0.04% to the UK’s GDP after 15 years.

In November 2023, talks began with South Korea over a new and improved trade deal. Financial services are the UK’s second-largest services export to Korea, and the sector would stand to benefit hugely in the event of strong trade terms being finalised. This deal will also see significant Korean investment into the UK, with investment in project finance, green infrastructure, investment banking and securities. 

Until then, however, the general consensus is that Brexit has done little to strengthen Britain’s trading position internationally, though Rishi Sunak is thought to be on the brink of a “landmark” multi-billion trade deal with India, which would represent Britain’s biggest trade alliance since leaving the European single market. 

The outlook? 

Four years on from Brexit, the results suggest that the UK financial services sector has not been impacted as strongly as might have been suggested previously. The UK, and particularly London, remains a hotspot for fintech innovation, while new opportunities for international financial services firms and dedicated policies aimed at recruiting the strongest talent suggest the future outlook is becoming brighter. 

However, the question remains – would the financial services industry remain stronger had we simply not left the EU? In the years since we left the EU, the value of the pound hasnever fully recovered to pre-Brexit levels. 

“It is difficult to look at Brexit within a vacuum…” comments Stuart Wilkie, Head of Commercial Finance at Anglo Scottish. “…particularly given the seismic other events that have taken place between now and then. An unparalleled global pandemic enormously impacted the finances of every country in the world, while war in Ukraine and the subsequent inflationary crisis have made it harder for the pound’s value to recover.” 

Going forward, questions remain over the efficacy of the UK’s new trade deals, and the real recruitment impact of policies such as the removal of the bonus cap are yet to be seen. Nevertheless, with fintech poised to play a key part in the UK’s transition to net zero, it’s vital that the financial services sector has remained strong, and was not impacted as heavily as previously thought by Brexit.” 

Photo by Ed Robertson on Unsplash