Equivalence No Substitute for Passporting: PwC's Jenkins

The video discusses the impact of COVID-19 and Brexit on London's finance job market, highlighting challenges faced by the UK banking industry. It explores job market shifts in Europe, emphasizing the need for reskilling in banking as digitalization progresses. The role of equivalence in financial services post-Brexit is also examined, focusing on its implications for fund managers and infrastructure.

What were the two major challenges faced by the UK banking industry as discussed in the first section?

• Operational efficiencies and trade deals

• Government lending and digital channels

• Brexit and COVID-19

• Digitalization and customer service

Which city had the highest number of financial services jobs post-Brexit?

• London

• Dublin

• Amsterdam

• Frankfurt

What is the focus of the banking industry in terms of workforce development?

• Reducing workforce

• Reskilling existing employees

• Hiring new employees

• Outsourcing jobs

What does the concept of equivalence in financial services refer to?

• A substitute for passporting

• A patchwork of regulatory provisions

• A new trade agreement

• A financial services license

What concern do fund managers have regarding equivalence?

• Increased taxes

• Relocation of operations

• Higher interest rates

• Loss of clients

What type of financial infrastructure has the EU granted equivalence to?

• Banking licenses

• Central clearing parties

• Insurance companies

• Investment funds

What factors influence the decision to move financial business to Europe?

• Language barriers

• Cultural differences

• Political and commercial considerations

• Technological advancements