Banking, Insurance and Financial Services
Some of the largest trade associations in Brussels represent the financial services sector including the European Banking Federation, Insurance Europe and Invest Europe but interestingly there is only one financial services corporate affairs spender in the Top 30 covering all sectors – Deutsche Bank. Centralisation of power by the EU over financial services during and since the crisis in 2008 led to massive growth in the Brussels banking, insurance and financial services community.
One of the biggest issues facing the sector today is Brexit which is creating threats and opportunities for the Brussels public affairs community. Many UK-based financial services companies and trade associations are increasing their presence in Brussels and spending more money with consultancies and lawyers.
Following the outbreak of the financial crisis the EU put forward an unprecedented series of reforms to restore financial stability and public confidence in the financial system. Overall, these reforms have made the financial system more stable and resilient. But the process of transformation needs to continue to address the remaining risks and to keep the regulatory framework up to speed with technological and economic developments.