• Register
Return to: Home > News > Professional Bodies > Accountants see Brexit as a risk rather than an opportunity, survey reveals

Accountants see Brexit as a risk rather than an opportunity, survey reveals

Nearly half (40%) of professional accountants working in financial services globally see Brexit as a risk with only 16% identifying it as an opportunity, according to a survey by the ACCA.

ACCA surveyed 271 members worldwide working in financial services organisations and found that the perceptions over Brexit varied greatly according to the size of the organisation. From the larger organisations, 47% of the respondents see Brexit as a risk and 13% see it as an opportunity. Yet respondents from SMEs seem to be more optimistic with 31% seeing it as a risk and 21% seeing it as an opportunity.

The survey also highlighted a certain level of unpreparedness amongst financial services organisations as nearly a quarter (24%) of the respondents stated that they had no plans or were unclear about what to do.

Responding to the survey, ACCA chief executive Helen Brand said: “The financial services sector has a key role to play in helping organisations navigate the challenges and complexities of Brexit but a lack of detail from policy makers in the UK and Brussels is hindering their ability to do so.”

Perceptions over Brexit’s potential impacts also varied according to the size of the organisation the respondents worked in.  While 30% of respondents from SMEs thought Brexit would not affect their organisation, only 21% of respondents from larger organisations shared that view.

ACCA’s director of professional insights, Maggie McGee said: “SMEs seem more likely to view Brexit as an opportunity compared to larger organisations, who appear to be more cautious and concerned about the global economic and regulatory outlook. Yet SMEs are also less likely to have begun preparations, possibly due to a lack of capacity and avenues for seeking advice.” 

The report can be accessed here.

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.