A thousand EU financial firms devise to open UK offices after Brexit

LONDON (Reuters) – More than a thousand banks, item managers, payments companies and insurers in a European Union devise to open offices in post-Brexit Britain so they can continue portion UK clients, regulatory consultancy Bovill pronounced on Monday.

The new offices and staff will assistance lessen a detriment of business going a other approach as a stream unobstructed two-way approach entrance between Britain and a EU comes to an finish in Dec following a Brexit transition period.

As a initial step, a companies, who until now have been means to offer UK business directly from their home base, have unsentimental for proxy accede to work in Britain after Jan. 31 when a UK leaves a bloc, Bovill said, regulating total performed from Britain’s Financial Conduct Authority.

“These total clearly uncover that many firms see a UK as Europe’s premier financial services hub,” pronounced Michael Johnson, a consultant during Bovill.

More than 300 financial firms in Britain have non-stop EU hubs to continue portion clients in a confederation after Brexit, according to a new consult from New Financial consider tank.

The border of entrance to any other’s markets after Dec is theme to negotiations between a EU and Britain, though even a best box unfolding is doubtful to cover a full operation of financial services.

Bovill pronounced 228 firms from Ireland had unsentimental for proxy accede to keep portion UK clients until they obtain full authorisation for a new UK hub.

Dublin is also a renouned plcae for UK-based insurers and item managers that need an EU hub, reflecting a clever ties between a dual countries.

Firms from France, Cyprus and Germany have unsentimental for 170, 165 and 149 proxy permissions respectively, a consultancy said.

“In unsentimental terms, these total meant that European firms will be shopping bureau space, employing staff and enchanting authorised and veteran advisers in a UK,” Bovill said.

Reporting by Huw Jones; Editing by Kirsten Donovan

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