Confidence vote in Britain

More than 1,000 EU firms plan first UK office after Brexit

EU flags

EU firms are applying to operate in the UK

More than 1,400 EU-based firms have applied for permission to operate in the UK after Brexit, with over 1,000 of these planning to establish their first UK office.

The figures, revealed in a Freedom of Information request, are seen as evidence that the UK will continue to be a leading player on the global financial stage after Britain leaves the EU.

The FOI revealed that by October 2019, the Financial Conduct Authority had received a total of 1,441 applications from firms to use the Temporary Permission Regime (TPR).

When the current passporting system becomes defunct, the TPR will allow European Economic Area firms and funds to continue to operate in the UK, whilst they seek full authorisation from UK regulators.

The FOI also found that 83% of passporting firms that applied under the TPR currently operate under a ‘service’ passport, which means they do not currently have an office in the UK. This suggests that more than 1,000 firms intend to set up an office in the UK for the first time after Brexit.

The FOI also shared the breakdown of firm type for those that have applied for the TPR. This includes more than 100 banks, which will either be setting up offices in London for the first time or boosting their current UK presence. Firms planning to move to the UK span all sectors in financial services including asset managers, insurers, exchanges and fintech firms.

3 Comments to More than 1,000 EU firms plan first UK office after Brexit

  1. During our ridiculous 4 year Brexit ‘transition’ period, ‘the click bait’ implying British financial companies would relocate at the first opportunity to Frankfurt and Berlin was overwhelming. We were told by Carney and Heseltine and Adonis that our financial sector would go to hell in a handcart should we dare to actually honour the referendum vote and extricate ourselves from the clutches of the EU.

    Apparently they were misinformed.

  2. This is a click bait title and misleading propaganda : if you read the article it actually says ‘1000 firms apply for permission to continue to operate in UK’. Not one actual job is being created, the author simply assumes some might be.

    • I agree……nor does it point out that the DIT is also recommending that British companies do the reverse exercise, and set up offices in the EU……all things that were not required for any of the parties pre brexit.
      All that blood and thunder …only to end up with all sides having all these new offices all over the place, to do that which was well-nigh seamless before.
      Come on guys, if you’re gonna tell the story, at least read us out ALL the pages….

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