View more on these topics

FCA: Banks are feeling Brexit pressure to move to EU

FCA chief executive Andrew Bailey has said banks are feeling pressure from lobbying efforts to relocate business from the UK to the EU as Brexit approaches.

Rival trading centres are looking to maximise business wins from Brexit, Bailey told MPs on the Treasury select committee yesterday.

The Times quotes Bailey as saying: “We are aware there is some pressure on firms. There are discussions about what you might call ensuring there is a critical mass of business moved over to a European Union entity that is being created.”

The FCA’s position, as it set out in a recent letter to London-based financial services firms, is that business should only be making the “minimum necessary changes” to where clients’ business is booked.

Bailey said yesterday: “I know [financial services firms] will be under pressure to do a sort of big jigsaw puzzle and move these people here because it will make that [EU] entity more self-sufficient. But you’ve got to do it in the interests of those clients. That’s the point. We didn’t do this to say ‘nobody must leave the UK’.”

Paris has been a particularly contested market since the Brexit referendum vote, with major banks like JP Morgan preparing to move hundreds of jobs there, while others like Goldman Sachs have looked to Frankfurt for a new EU hub.

Recommended

Business-Handshake-Meeting-Deal-Low-Angular-700x450.jpg
2

Quilter acquires three more advice firms

Quilter Private Client Advisers has acquired another three financial planning firms as it continues to expand. Eastgate Financial Management, Holdaway Johnson, and Clive C Aitkenhead Financial Consultant, based in Cheltenham, Surrey and Blackburn respectively, will all join the Quilter advice business formerly known as Old Mutual Wealth Private Client Advisers. David Irving,  Charles Holdaway, and Clive […]

AJ Bell valued at £600m as IPO nears

AJ Bell has announced the price range for its stock market float, as it plans to publish the full prospectus for the offer later today. With a price set between £1.54 and £1.66 per ordinary share, AJ Bell will have an implied market capitalisation of between £626m and £675m. Once the full details of the […]

2

FSCS defends PI clawback policies

The Financial Services Compensation Scheme has said incoming rules will help address concerns it does not do enough to  claw back fund from personal indemnity insurance providers to offset compensation bills. Yesterday,   adviser trade body Pimfa called for the lifeboat fund to provide more information on how it pursues and uses money from PI […]

Japan-Japanese-Flag-700x450.jpg

What’s behind Japan’s corporate earnings surge?

Japanese corporates reported record earnings growth in the second quarter of 2017, with nearly 70 per cent of companies beating expectations, leading to the biggest round of upgrades witnessed in over a decade. Watch Chris Taylor, Head of Japanese Equities, discuss the key drivers behind the surprise surge in corporate earnings. In the video, Chris discusses: Why […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com