Passport to Financial Services Success Threatened by Brexit

Western Mail (Cardiff, Wales), September 21, 2016 | Go to article overview

Passport to Financial Services Success Threatened by Brexit


THE threat to Britain's financial services sector has been laid bare after it was disclosed that more than 5,000 firms rely on "passporting rights" to do business in Europe.

The head of an influential select committee warned of significant risks were they to lose them post-Brexit.

In a letter to the Treasury Select Committee, the head of the UK's financial watchdog Andrew Bailey said 5,476 UK firms hold a total of 336,421 passports, which provide access to the EU single market in financial services.

Meanwhile, 8,008 European businesses are using 23,532 passports to provide financial services in the UK.

Committee chairman Andrew Tyrie said: "These figures give us an initial idea of the effects of losing full access to the single market in financial services. The business put at risk could be significant.

"Efforts to secure an appropriate arrangement for UK-based firms will be one of the most challenging aspects of the negotiations about the UK's future relationship with the EU."

The figures were originally requested in July when Mr Bailey, chief executive of the Financial Conduct Authority, appeared in front of the committee. …

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