Local finance body warns of Brexit volatility

(CNS Business): Jude Scott, CEO of Cayman Finance, the industry body which represents the local financial services sector, has warned of short-term volatility in the wake of Britain’s surprising exit from the European Union, but he said he believes the local industry will weather the forthcoming economic storms. He said the financial sector would continue to work closely with its clients and countries around the world to play its part in ensuring the success and stability of the global economy following the result of the UK referendum. 

“Cayman’s own political and economic stability, its sophisticated and comprehensive legal system and stable and business-focused government means the Cayman Islands is in a strong position to face any change,” he said. “Our financial services industry is strong and resilient and has weathered global economic and political change well in the past.”

He warned that in the short-term Cayman would see some volatility in the financial markets but said the industry would continue to monitor the political and economic situation and plan for the long-term to ensure it was prepared for any implications this decision has over the next few years.

“We reaffirm our strong working relationship with the UK and Europe and our business partners in that region,” Scott stated.

A number of local leading financial players and law firms released client advisories Friday indicating that Cayman firms would still be working in Europe and that the changes would not impact the laws that support the industry.

Tags: Brexit, Cayman Finance, Jude Scott

Category: Finance, Financial Services