UK watchdog cautions banks over hasty Brexit moves
04 Dec 2018

International banks in Britain should resist pressure from European Union regulators to shift their non-EU business to new hubs in the bloc because of Brexit, Britain’s markets watchdog said on Monday.

Around 30 lenders in Britain have applied to the European Central Bank for a license to open or expand EU bases to avoid getting cut off from European customers when Britain leaves the bloc next March.

“We are aware there is some pressure on firms to ensure a critical mass of business moves over to a European Union entity being created,” Financial Conduct Authority Chief Executive Andrew Bailey told parliament.

– By Huw Jones, Reuters, 3 December 2018.

Link to Reuters.

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