The UK should brace itself for a long process of discussion and negotiation following the EU referendum results, the Finance & Leasing Association has warned.

Following Britain;s vote to leave the European Union, Stephen Sklaroff, director general of the Finance & Leasing Association, said: “We are at the beginning of what will be a long process of discussion and negotiation. As the Bank of England and FCA have already emphasised, the current legal and financial regulatory framework for FLA members remains exactly as it was before the vote, and it is likely to do so for some considerable time.

“The UK has a strong and resilient financial sector and the FLA’s members will continue to make a vital contribution to the economy. The FLA will work closely with the government, regulators and other stakeholders to ensure that its members’ interests are properly reflected in discussions over the coming months and years about the possible market and regulatory consequences of the decision to leave the EU.”