As ECB lines up decisions by end of the year, FN enquiries show it has not ruled out heading to branches in person. / Compliance experts fear a potential crackdown on post-Brexit rule breaches as the European Central Bank looks set to start visiting banks as part of its so-called desk-mapping review.
The Chancellor is trying to keep talent in a financial sector that is losing ground to the EU. / Of all the things the government could be doing to improve the economy right now, scrapping the cap on bankers’ bonuses seems like the most brazenly tone-deaf.
Guess what, we get unlimited banker bonuses guys!
Closely-watched rankings suggest uncertainty over Brexit has had a short-term impact on the City of London's status.
Brits across EU slide into Brexit banking limbo as Barclays, Lloyd’s and Halifax shut their accounts 12/08/2022
Thousands of Brits residing in the EU have been informed by UK banks that their EU-based bank accounts will soon be shut.
London is in danger of becoming a mere “regional stock market” down the line unless it significantly raises its game -- that is the warning from Mark Austin, the latest person charged with sprucing up the UK’s listing rules and helping the city maintain its position as one of the world’s leading financial centers.
Insurance regulator says post-Brexit softening of rules will put billions of pounds of pension saving at risk.
The UK government is looking to scrap the cap on banker bonuses, as it eyes a further break with legacy EU rules, The Independent reported.
Brexit is no reason to radically alter British financial regulation and regulators should not be forced to water down rules to boost London’s competitiveness, or stray from global standards, a UK parliamentary committee report said on Thursday.
Brexit Chickens Come Home to Roost 07/06/2022
While the picture’s hardly pretty and certainly not what advocates of Brexit envisioned, none of it surprises economists. As a former Bank of England official observed: “You run a trade war against yourself, bad things happen.”
The European Central Bank said global lenders who set up units in the euro area after Brexit are still too dependent on operations outside the region, a conclusion that may lead some banks to move more staff into the bloc.
Goldman Sachs bolstered its EU operations by 350 staff last year, as major investment banks face increasing pressure to shift staff to the continent in the wake of Brexit.
The ECB has been probing where banks’ resources are based — particularly around trading and risk-management — for more than a year in what it has called a desk-mapping exercise.
Paris, Frankfurt and Dublin are most successful in luring roles from UK, say consultants
A new survey shows that since the Brexit referendum, Dublin remains the most popular destination for staff relocations and new European hubs or offices.
More than 7,000 finance jobs have moved from London to the European Union as a result of Brexit, down 400 from the total anticipated in December, consultants EY said on Tuesday.
The UK financial regulator had already warned that cash machine withdrawals could become more expensive for UK cardholders in Europe after the transition period.
Banks may continue to drift away from London if the European Central Bank intensifies its scrutiny of their presence in the bloc, the Bank of England’s deputy governor said.
It will be years before the full impact of Brexit on Britain's financial sector is fully known as more activity could leave London for the bloc or other centres like New York, Bank of England Deputy Governor Jon Cunliffe said on Monday.
Xavier Rolet says ‘boat has sailed’ on London clearing amid Brexit battle for trillion-euro business 23/02/2022
Mairead McGuinness, European commissioner for financial stability, financial services and the capital markets union, says Brexit equivalence on clearing is over in 2025.
Brexit Opportunities Abound – Part 1 16/02/2022
As you may have noticed Jacob Rees Mogg Esquire – as no doubt he would style himself – has invited the public to submit suggestions on the theme of ‘Opportunities of Brexit’. I could not resist replying. Could I possibly suggest that you, after reading this, do the same?
The European Commission’s financial services head insisted that U.K. clearinghouses will get no further access to the bloc’s markets after 2025, knocking back the Bank of England governor’s calls for an indefinite trade route into the European Union.
International banks in the UK are under increasing pressure to tighten up compliance with post-Brexit rules amid a regulatory review.
Mandatory clearing of derivatives contracts by pension funds in the European Union should start in June 2023, helping the bloc to cut reliance on London, the EU's securities watchdog said on Tuesday.
New rules over corporate lending and market trading mean EU rivals may soon have a competitive advantage.