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Over a thousand EU financial services firms plan to open UK offices post Brexit

More than 300 financial firms in Britain have opened EU hubs to continue serving clients in the bloc after Brexit

Over a thousand banks, asset managers, payments companies and insurers in the European Union plan to open offices in the UK post-Brexit so they can continue serving UK clients.

Companies who until now have been able to serve UK customers directly from their home base, have applied for temporary permission to operate in the UK after January 31 when the UK leaves the bloc, regulatory consultancy Bovill said.

More than 300 financial firms in Britain have also opened EU hubs to continue serving clients in the bloc after Brexit.

The extent of access to both markets after December is subject to negotiations between the EU and Britain.

According to Bovill, 228 firms from Ireland have applied for temporary permission to continue serving UK clients until they obtain full authorisation for a new UK location.

Firms from France, Cyprus and Germany have applied for 170, 165 and 149 temporary permissions respectively, the consultancy said.

Meanwhile, sterling fell after comments by UK finance minister Sajid Javid raised fears about weak ties between the UK and the European Union following the country’s departure from the bloc.

Javid said Britain would not stick to EU rules in post-Brexit trade talks, which would be a threat to businesses that want to ease cross-border checks with the EU once the transition period following the UK’s departure finishes at the end of the year.

The pound was last down 0.2 per cent against the US dollar to $1.2978. It was down 0.3 per cent against the euro at 85.50 pence.

This week, focus will be on Friday’s Purchasing Managers' Index (PMI) numbers, which analysts say are the key data that will determine whether the Bank of England will cut interest rates at its meeting on January 30.

FURTHER READING: UK Parliament prepares to pass Brexit bill

FURTHER READING: Uncertain future for UK economy

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