On 8th February 2018, the European Commission sent out a series of Notices to Stakeholders. The Notices reiterate that preparing for the UK’s withdrawal is not just a matter for the EU and national authorities, but also for private parties. The Notices highlight the key actions firms must take to address the loss of passporting and the legal consequences of the UK becoming a third country, namely:
PwC has been integral to a Tier 1 Investment Bank’s Brexit programme, working with internal teams and clients to ensure the client’s trading relationships and contracts are prepared for the imminent departure of the UK from the European Union. Leveraging PwC’s technology and expertise, we have been able to deliver results expediently in a risk-minimised way. This partnership has allowed PwC to add real value to the client. Unlike other industry efforts, we have been able to ensure our data is accurate, our outreach is closely monitored against SLAs and minimal client impact is ensured.
PwC worked with the client to establish a process to use a combination of people and technology to maximise efficiency and reduce cost:
PwC also established Brexit Q Helpdesk function to resolve client and internal queries with respect to the client’s commercial strategy and the impact it will have on clients.
The client benefits from the use of PwC proprietary and licensed technology as well as professionals who were well-versed in using the technology to remediate legal contracts. Combine this technical expertise with well-versed outreach professionals and experienced legal professions the client is truly benefiting from an end-to-end contract solution process.