Reported today on City AM For the full article visit:
More than 1000 banks, asset managers, payments firms and insurers from the European Union are planning to open offices in post-Brexit Britain so they can continue to serve UK clients.The new offices would help financial firms counter the loss of business as unrestricted two-way access between the UK and EU comes to an end in December following a Brexit transition period. Read More: City cautiously approves of chancellor's post-Brexit regulations planBy October last year 1,441 EU-based firms had applied to the Financial Conduct Authority (FCA) for temporary permissions to operate in the UK after Brexit, according to figures obtained via a Freedom of Information request from regulatory consultancy Bovill.Over 1,000 of these firms do not currently have an office in the UK, suggesting they intend to establish their first office after the UK's departure from the EU on 31 January."These figures clearly show that many firms see the UK as Europe's premier financial services hub," said Michael Johnson, a consultant at Bovill.The firms applied to operate in the UK under the Temporary Permission Regime (TPR), which will come into force when current passporting permissions between the UK and EU become defunct, allowing companies from the bloc to operate in the UK while they seek full permission from the FCA.Johnson called the figures "a clear vote of confidence in the UK financial services sector and good news for the UK's service economy overall." Sign up to City A.M.'s Midday Update newsletter, delivered to your inbox every lunchtime "The high proportion of firms without an existing UK branch that have applied for the TPR suggests there will be some movement of staff from these EU firms into the UK," he added. The full extent of the UK and EU's access to each other's markets af
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