Economy

United Kingdom market access to be sought by top European Union finance firms

United Kingdom market access to be sought by top European Union finance firms”

The "outbounds" or United Kingdom based banks who want to maintain links with customers elsewhere in the European Union, are more advanced in their thinking than the "inbounds", or banks based elsewhere in the European Union who want to continue serving United Kingdom customers, Woods said.

Such a deal would allow British and EU-based financial companies to sell their products and services without tariffs, taxes or quotas in each other's markets after Brexit.

These firms may lose their right to "passport" their services into the country once the United Kingdom leaves the European Union in March 2019.

Talking to journalists on Monday, Mark Hoban, the chair of the ISRG council and former City minister, warned that it should not be assumed that European financial centres will automatically benefit from firms leaving London, as Singapore and NY might be just as attractive.

The news wire reports that nearly 13,500 banks, insurers, asset managers and other financial firms use European Union passporting rules that allow easy access between Britain and the rest of the bloc, highlighting the importance of the issue in Britain's Brexit negotiations. A new joint "dispute resolution body" made up of judges and independent experts would rule on breaches of the agreement.

The ISRG report argues that the free trade deal on financial services should be based on regulatory alignment between the United Kingdom and the EU.

The proposal includes a forum of regulators that would come up with a joint regulatory response when new global standards need to be implemented. "An enhanced FTA [free trade agreement] as proposed by the report is technically and legally entirely feasible, and would properly form a financial services "chapter" of a wider EU-UK agreement", she said.

"It gives a high degree of access, but does not guarantee access", he said.

The Bank of England expects 130 financial firms from across Europe to apply for licences to continue operating in Britain after Brexit, its Deputy Governor Sam Woods said on Tuesday.

"We haven't had any yet".

In an interview with Reuters, Andrew Bailey, chief executive of the FCA, said: "We haven't had any yet".

Bailey said the number of passports rose over the past year.



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