The Chancellor, Phillip Hammond, has met with members of the European Financial Services Chairmen's Advisory Committee (EFSCAC) to discuss issues relating to the financial services industry in preparation for Brexit negotiations between the UK and the EU. Mr Hammond said that he understands the potential impact that leaving the EU could have for parts of the financial services industry and that the government is ready to help the sector maximise the opportunities presented by Brexit. EFSCAC stated that it was committed to supporting the government in delivering a successful outcome from the negotiations. The Chancellor intends to hold a series of bilateral and group discussions with domestic and international firms ahead of another meeting with representatives from financial services firms in October 2016.