The loss of the ability to undertake business on a passport basis could be one of the most significant impacts on the financial services industry in the UK. The UK’s current EU membership allows a range of authorised businesses, such as banks, insurance companies and asset managers to operate on a cross-border basis while regulated by the Prudential Regulation Authority (PRA), the UK financial regulator, without the need for further authorisation from local regulators or the need to maintain localised funds in other EU jurisdictions. Any change to this system will, of course, be the subject of the withdrawal negotiations. There will be opportunities for growth as businesses look to expand their operations in the EU and one awaits the outcome of discussions as to how the financial services industry regulated by the PRA will operate in the UK and EU should the UK invoke Article 50 and withdraw from the EU.