The result of the UK EU referendum has generated significant uncertainty and this is felt particularly acutely in the financial services sector. On Tuesday, the new Chancellor of the Exchequer, Phil Hammond, addressed the British Bankers’ Association highlighting the importance of retaining of passporting rights.
Under the passporting regime firms in the UK can use their UK authorisation to provide a range of investment, banking, insurance and related services across the EU. This can be done on a cross-border basis or by establishing a branch in other member states.
Many non-EU financial services institutions have established authorised businesses in the UK to benefit from these passporting rights.
Passporting does of course operate not just for the benefit of the UK. Financial businesses in the rest of the EU benefit from access to the UK financial services sector which is of significant size and strength.
This article was written by Jonathan Bayliss
For further information, please contact Jonathan Bayliss on +44 (0)20 7427 6699 or firstname.lastname@example.org
News & Insights
Pooling targets the fast lane
Melville Rodrigues considers the Government’s LGPS guidance on pooling, and implications for real estate mandates.
FCA proposing to tighten up rules for loan-based crowdfunding platforms
Later this year, the FCA is due to publish its policy statement on the changes to the regulatory framework for crowdfunding platforms.
Financial Conduct Authority consults on increasing the award for the Financial Ombudsman Service
The Financial Conduct Authority (FCA) is consulting on increasing the award limit for the Financial Ombudsman Service (FOS).