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A partner at Hogan Lovells says the "really good news" from Theresa May's announcement is that the financial industry will have a transitional period to give more time to adapt to life after Brexit. (AP)

Financial Services Hopeful After UK Reaches Brexit Deal

The U.K. financial services sector believes that a smooth regulatory transition is more likely after Prime Minister Theresa May secured a breakthrough draft Brexit agreement, as an attorney said Thursday the deal is "probably as much as we could hope for."

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Global Standard Setter To Delay Tough New Accounting Rules

The International Accounting Standards Board has proposed delaying the 2021 start date of its sweeping new accounting rules for 12 months, but rejected demands from the global insurance industry for two years’ breathing space.

GDPR Could Last 20 Years Despite Brexit, PwC Expert Says

British companies are likely to face the threat of massive fines under the European Union’s information protection regime for the next two decades, PricewaterhouseCoopers’ lead partner for data protection told Law360 on Thursday.

Swiss Watchdog Probes Suspected Payments Boycott By Banks

Switzerland’s competition watchdog said Thursday it has raided the offices of five financial institutions, including the Swiss arms of UBS and Credit Suisse, which it suspects of boycotting phone payment systems offered by companies such as Apple Pay and Samsung Pay.

Brexit Deal Leaves Insurance Brokers Exposed, Industry Warns

Britain’s insurance brokers warned on Thursday that there is a “gaping” regulatory hole in Prime Minister Theresa May’s draft Brexit agreement and urged the government to guarantee their access to European Union markets.

Defunct Lender Settles Over Disputed London Development

Dunbar Assets PLC has settled its High Court lawsuit against a surveyor in which it alleged negligence and breach of contract over the advice it gave on a London property development that was halted by a local council.