London set to remain financial services capital of Europe

London set to remain financial services capital of Europe as over 1000 EU firms plan to open UK offices
20 January 2020

NEWS RELEASE: 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, according to a Freedom of Information request (FOI) by financial regulatory consultancy Bovill. The FOI provides evidence that London and the UK will continue to be a leading player on the global financial stage after Brexit.


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Oh well, never mind, it was a 'half believable' Fear Story but it appears to have been blown clean out of the water
 
Not just of Europe, but the world. Thanks to geography we can catch the Far East first thing in our morning, and New York at lunchtime. And we speak English. And finally, we’ve been a global financial centre for hundreds of years.
 
Don't get all triumphalist. Unless we do exactly as Mon Barnier says he won't let us invest in Greek, Italian and Spanish debt. And then where will we be?
 
Don't get all triumphalist.
Wise words...

ETA this has received four "dumb" ratings from people who presumably haven't realised the OP isnt actually the gargantuan pro Brexit news some people actually think it is...

Six now! Some people really are quite myopic...
 
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Toppet

War Hero
London set to remain financial services capital of Europe as over 1000 EU firms plan to open UK offices
20 January 2020

NEWS RELEASE: 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, according to a Freedom of Information request (FOI) by financial regulatory consultancy Bovill. The FOI provides evidence that London and the UK will continue to be a leading player on the global financial stage after Brexit.


........................................................................................................................................................................................................

Oh well, never mind, it was a 'half believable' Fear Story but it appears to have been blown clean out of the water
I believe (I jumped from my role that was dealing with this for my former bank as it was introduced) that the TPR will in some way replace the current Branch / Services passports that, and will apply to incoming firms until a part 4A permission is granted.
As mentioned in the article, this appears to be firms that are already operating in the UK (albeit 83% without a physical presence and instead by way of a services passport) and wish to continue to do so, rather than it attracting new investment.

If they have to establish an office, it will likely be a tiny operation, and just to maintain the status quo for their customers.

Not exactly groundbreaking investment.
 
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London set to remain financial services capital of Europe as over 1000 EU firms plan to open UK offices
20 January 2020

NEWS RELEASE: 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, according to a Freedom of Information request (FOI) by financial regulatory consultancy Bovill. The FOI provides evidence that London and the UK will continue to be a leading player on the global financial stage after Brexit.


........................................................................................................................................................................................................

Oh well, never mind, it was a 'half believable' Fear Story but it appears to have been blown clean out of the water
Its due to the removal of "passporting" of permissions under EU regulations.

As the article says: will allow European Economic Area firms and funds to continue to operate in the UK, whilst they seek full authorisation from UK regulators.

I held a passport to deal in the RoI but relinquished it as it was a PITA to deal there.

I do hope nobody has been rash enough to confuse "continue to operate" witn "start operations".

Nobody would be that myopic, would they?

I would expect that the majority of the manning would be by those who are already dealing in the UK. There may be some recruitment locally, but if Pierre is already doing the job by commuting from Paris, why recruit a Rossbif?
 
Has alsacien risen from the grave and started modding news,gossip and chat?

Whoever is playing silly buggers Current Affairs is over there <-----
 
Has alsacien risen from the grave and started modding news,gossip and chat?

Whoever is playing silly buggers Current Affairs is over there <-----
I had a Gif removed, fair enough...
 

Toppet

War Hero
I believe (I jumped from my role that was dealing with this for my former bank as it was introduced) that the TPR will in some way replace the current Branch / Services passports that, and will apply to incoming firms until a part 4A permission is granted.
As mentioned in the article, this appears to be firms that are already operating in the UK (albeit 83% without a physical presence and instead by way of a services passport) and wish to continue to do so, rather than it attracting new investment.

If they have to establish an office, it will likely be a tiny operation, and just to maintain the status quo for their customers.

Not exactly groundbreaking investment.
Bad form to quote oneself, but to add:

From a quick gander at a few briefing documents, I dont believe there is any requirement for those firms using a Services passport to create a physical establishment in the UK at all.

While I am hopeful that the UK will remain a financial powerhouse (my job depends on it!), I can't see this being anything other than an exercise in increased costs for may funds / financial services firms around Europe due to Brexit. From watching colleagues deal with the TPR it seemed to be a bit of a ball ache (though this could I suppose just have been because it was a new regulation); creating a Services Passport application was píss easy - I did loads of them.
 
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Bad form to quote oneself, but to add:

From a quick gander at a few briefing documents, I dont believe there is any requirement for those firms using a Services passport to create a physical establishment in the UK at all.
That's the point no? They will if there is no reciprocal deal.
 

overopensights

ADC
Book Reviewer
Yer doomed I tel yer! Doomed!!
Bravo, it's really time that you went off rather rapidly at the 'High Port!'
Well, it's better than going off at half cock...

Have you read the rest of the thread?

People seem to have gone quiet for some reason...
 

Toppet

War Hero
That's the point no? They will if there is no reciprocal deal.
Possibly - or if it's going to be too expensive they'll just stop operating in London and seel the accounts off. Can't say for sure; it would be down to each business' own strategy.
 
but if Pierre is already doing the job by commuting from Paris, why recruit a Rossbif?
Because Pierre will be subject to passport checks and a full body cavity search lasting four hours each and every time.

Welcome to Britain.
 

Boris_Johnson

ADC
Moderator
DirtyBAT
Has alsacien risen from the grave and started modding news,gossip and chat?

Whoever is playing silly buggers Current Affairs is over there <-----
Yep, sorry.

Another Brexit thread and by the 3rd reply Bravo_Bravo had been tagged. Replies 4 5 and 6 were also baiting him, along with Higgs Bosun.

BB couldn't help responding, even though he can just let it go.

Next thing you know, the thread turns into the same old shite.

My guess is @heard_it_all_before didnt start the thread to have yet another **** off thread for the site throbbers.

I'd say I agree, CA is indeed "over there". But the problem occurs when the reports start piling in. But this only happens when people start tagging the usual suspects into threads... And the usual suspects respond in kind then get accused of trolling. I'm talking in general now, not talking about you specifically.

Hence, I realise the people doing the reporting aren't always the people doing the tagging, and much as most of you lot find it funny, either way it's embarrassing, a lot of unnecessary work for those of us who volunteer to try and keep the site balanced for the many, but moreover I sense most people are sick of it.
 
Possibly - or if it's going to be too expensive they'll just stop operating in London and seel the accounts off. Can't say for sure; it would be down to each business' own strategy.
Indeed. But the EU strategy in the May era was to demand genuine transfer of staff for rights. Clearly our european chums care enough about CoL presence to set up nominal offices. But if the EU threatens again to reject nominal offices for us in lieu of passporting...we just got 1000+ hostages.

Any which way you look at it, it's a very positive development.
 

overopensights

ADC
Book Reviewer
Well, it's better than going off at half cock...

Have you read the rest of the thread?

People seem to have gone quiet for some reason...
Bravo, I spend over two hours on the stock market each day on weekdays, and have done for years, I often have to do this when on the Sub Continent and in the Far East, believe me, our position and market timing is so very well positioned. it's lovely when in China or Singapore to see our market burst into life before all the other feckers 'frogs Krauts and yanks' get out of bed!

Lord Palmerston: The superiority, both economically and industrially of America over Great Britain is as inevitable as the sun rising tomorrow; however one thing is most certainly for sure; they will always be six hours behind!
 

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