On 23 June 2016 UK voters will decide whether the UK remains within the European Union. The decision is, of course, significant to each citizen of the UK but it is also of paramount importance to the financial services industry. This client alert analyses what a decision to remain in the EU would mean to the financial services industry given the new UK settlement achieved by the Prime Minister and set out in the European Council Conclusions of 18 and 19 February 2016. It also analyses what a decision to leave the EU could mean for the sector.