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To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states.

Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU.

Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now.

Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business.

Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.

In accordance with the Mental Capacity Act 2005, this paper aims to explore the steps taken to maximise an individual's ability to make decisions in regards to making a Will.

Concepts relating to testamentary capacity are discussed and assessed thematically.

The case work illustrates how a systematic, structured, evidence‐based and individually focused approach to assessing and optimising capacity (under the terms of the Mental Capacity Act 2005) can be effective.

The paper sets out a framework for maximising capacity for decision making.

The learning outcomes of this study are as follows:

1. understand the role of financial inclusivity in the sustainable development of a nation;

2. examine the concept of social entrepreneurship and identify the skills needed to be a social entrepreneur;

3. analyze the opportunities and challenges faced by social entrepreneurs, especially in an emerging economy; and

4. assess the feasible options with respect to upscaling and expansion.

Yamuna Sastry, a young woman from a traditional Indian family, had set out to achieve her dream of financial inclusivity by helping the underprivileged in her country gain financial independence and credibility. When she was approached by a cab driver to file tax returns for him, a new venture took shape in her mind, and along with a partner, CabDost, a socially driven financial advisory start-up was created to provide financial advisory services exclusively for cab drivers. CabDost had been instrumental in making over 15,000 cab drivers financially literate, instilling in them a culture of compliance, getting them tax refunds and enabling the Indian Government recover eight crores in taxes. The success of financial inclusivity among cab drivers inspired CabDost to extend its financial services to truck drivers, auto drivers, housekeeping staff and other contractual workforce. The company found it challenging to address the demands of the increasing customer base with its available technical resources. The absence of an in-house tech team and the need for an all-in-one tech platform to provide a wide variety of financial services induced CabDost to explore other options. Dvara Money, a neo bank offering financial services, approached CabDost with a merger proposal. Though it was a lucrative offer, the founding members were apprehensive as they knew that most of the mergers failed because of myriad reasons. They were contemplating on their next move as they were in a dilemma about whether to develop a technical team in-house or to go ahead with the merger.

The case can be taught to business management students as a part of the introductory course on entrepreneurship or social entrepreneurship. The case can be used specifically to make the students understand the role of financial inclusivity in the sustainable development of a nation, the concept of social entrepreneurship, the journey of social entrepreneurs in the financial inclusivity space, right from ideation to execution, the challenges faced in the bargain, survival mechanisms adopted and the various options available for further growth and expansion.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

To critically examine recent developments and proposals for the regulation and supervision of ‘golden passport’ and ‘golden visa’ investment schemes in Europe. We argue that FATF standards constitute an appropriate response to money-laundering risks associated with such investment schemes, but the EU needs to introduce further common rules, safeguards and control mechanisms in the aftermath of the recent scandal in Cyprus.

This paper draws on reports, legislation, legal scholarship and other open-source data to examine golden passport and golden visa investment schemes in the EU.

The EU has to forge a common approach to mitigate money-laundering risks associated with golden passport and golden visa investment schemes, taking into consideration the FATF standards.

This is the first study examining golden passport and golden visa investment schemes in the EU in the aftermath of the Cypriot scandal and proposing the overhaul of the EU legal framework in this regard.

This paper aims to examine how firms react to the loss of a major government contract. Reactions to contract loss are yet to be properly studied in public procurement.

The hypothesis is that contract loss triggers a five-stage grieving process, as predicted by the Kubler-Ross model. The hypothesis is tested using the recent UK passport contract in which the British supplier, De La Rue, lost to the Franco-Dutch supplier, Gemalto. Secondary data from corporate publications, news reporting, parliamentary debates and trade union press releases is used to compile the case.

The findings show that De La Rue and its supporters passed through the five stages of grief in response to their loss. De La Rue initially exhibited denial by vowing to appeal the decision. Next came anger directed at the UK Government. An attempt to bargain was made during the standstill period. Depression set in after De La Rue admitted it would not appeal. Finally, acceptance was indicated by De La Rue pursuing new opportunities in the product authentication market.

The study is based on a single case. Further case research is warranted to test the external validity of the results.

By debriefing unsuccessful bidders and listening to their viewpoint, public buyers can help to assuage the anger that accompanies contract loss.

Elected representatives, the media and civic society groups have vested interests in the outcome of contract competitions. Moreover, they use their agency in pursuit of their own interests, whether through political bargaining, lobbying or editorials.

The paper demonstrates that the Kubler-Ross model of grieving has utility for understanding reactions to loss in a public procurement context.

The purpose of this paper is to show that most, if not all RFID/biometric passports have clear technical and social problems in their intended use and that there are clear problems with the databases into which biometric data are being collected, due to use of this data for other (publicly), non‐intended uses.

The approach of this paper is both a meta‐study of the flaws in the technological specifications as well as the social implementation of RFID/biometric passports. Finland is used as a case, but the results extend beyond Finland in most, if not all the topics presented – not necessarily all results to all implementations, but all to some others.

The current implementations of RFID/biometric passports are lacking in both technical and social implementations and pose clear risks to their use, both due to lax implementation of the technology itself but specifically due to the social changes brought about. These problems cause both erosion of privacy and trust.

Further research into other potential social implications on a national level is required. The authors fear that the cases presented do not necessarily reflect all the potential problems, but just the most evident ones.

The problems with the technological implications can be averted by using the best technological solutions, and thus the best technological solutions should be used instead of the ones proven to be lacking.

The social implications should at least be brought forth for public discourse and acknowledged, which currently does not seem to happen.

The paper contributes to the understanding of problems with current RFID/biometric passport implementations as well as inherent social problems that are hard, if not impossible to avoid. The problems belong under the category of critical eGovernment applications, and similar issues are visible in other eGovernment applications.

The Private Finance Initiative (PFI) introduced in the UK in 1992 has provided the framework for the completion of a large number of capital projects managed by public sector bodies. The objectives of the PFI included the promotion of greater efficiency and cost control in the management of large‐scale projects, the transfer of risks to the sector or organisation best able to manage them and the use of management skills available in different sectors of the economy to improve the effectiveness of publicly funded projects. Success and failure cases of the PFI discussed in this paper give some implications to policy‐makers in emerging economies in various areas including risk management, cost of capital measurement and transfer of risks. Overall, there is a need for a greater focus on long term budgets in making decisions about PFI and other methods of public service provision. The question of long term planning is likely to be more complicated in emerging economies with rapid growth rates. For many emerging economies, PFI is a new premise with fundamental differences from conventional public finance, not only in principles, but also in the contract process, risk consideration and decision making.

This paper is a text of the report which the author presented on 6 November 1996, as Reporter for the Financial Services Industry, on the occasion of the hearing organised by the European Commission in respect of the Green Paper.