Two UK senior cabinet ministers (and a raft of other leaders) resigned today leaving Prime Minister Theresa May’s Brexit plan in jeopardy. Prime Minister May had already faced challenges with her Brexit deal, and today’s resignations deepen a crisis that has been brewing for months. Here, we outline what the resignations mean for Brexit and how the impact may be felt in financial services.

Today the financial services industry was buzzing with reports that UK Prime Minister Theresa May has agreed to a “tentative” Brexit deal that would give UK’s financial services sector regulatory equivalence to the EU. With no official comment from the UK Government or confirmation from negotiator Michel Barnier, a deal on equivalence may be speculative. But if a deal were to happen – what would its impacts be for financial services?

Last week, EU leaders rejected Theresa May’s Brexit proposals, increasing the chance for a no-deal Brexit. For both UK and global asset managers who see the longer-term potential opportunity, now is their chance to make a change.

Another day, another delay: EU summit in October will no longer be a place to agree on post-Brexit plans.

Once thought of as a politically motivated scare tactic within the Brexit debate, as the clock counts down to Brexit day, a no-deal Brexit is becoming a real possibility. Here’s what asset managers need to know: