Compliance and regulatory consultancy Group Complyport Ltd has reported that EU based financial services firms are creating a "strong demand" for FCA authorisation in order to operate in the UK post-Brexit.
Commenting on the demand from EU-based financial services firms seeking access to the UK market, Complyport CEO Paul Scott commented:
"At Complyport, we are seeing a consistent stream of EU-based financial services firms seeking FCA authorisation, with requests coming from a wide range of countries and industry areas. We have digital currency operators, FX traders, investment funds, and retail finance operators all wanting to operate in the UK."
Recent findings revealed that almost 1,500 EU-based financial services firms have applied for permission to operate in the UK, with around 1,000 planning to establish their first UK office. The Temporary Permissions Regime (TPR) allows European Economic Area (EEA) firms and funds to continue to operate in the UK, while seeking full authorisation from UK regulators. Of those that applied, 83% were on a ‘services’ passport, meaning they would need to set up a UK office for the first time.
The countries from which the largest number of firms have applied are Ireland, France, and Germany, which together account for over a third of the firms on the TPR.
Paul Scott CEO of Complyport Ltd, further commented:
"The strong demand for UK market access from EU-based financial services firms is a clear indication that the UK financial services sector will continue to be in a strong position post-Brexit. This demonstrates how robust the UK economy is, and how attractive London remains as a place to do business despite Brexit and the Covid-19 pandemic."
Complyport is a leading compliance and regulatory consultancy providing bespoke, practical solutions for all manner of regulated firms both in the UK and overseas. Their specialist compliance services expertise can either sit alongside firms’ current compliance teams or, for an independent solution, Complyport can bring their team in-house.
Established in 2001, Complyport combines former regulators, industry practitioners and legally qualified individuals to offer clients an unparalleled, professional team.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210423005392/en/
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