23 September 2017
visit www.avoka.com

Over 5000 UK financial services firm rely on passports for business in EU

21 September 2016  |  2414 views  |  0 Source: Treasury Select Committee

The Treasury Select Committee is today publishing correspondence from Andrew Bailey, Chief Executive of the Financial Conduct Authority, regarding the numbers of financial services firms in the UK holding passports to conduct business in other EEA member states and the number of EEA firms holding passports to conduct business in the UK.

5,476 UK-registered firms hold at least one passport to do business in another EU or EEA member state. Firms hold multiple passports for different business activities and different member states, with the total number of passports held by UK firms amounting to 336,421.

8,008 firms registered in other EU or EEA member states hold passports to do business in the UK.

Commenting on the data, Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, 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. Almost five and a half thousand UK firms are using passports to do business in Europe, and over eight thousand European firms are using passports to provide services in the UK.

“None of the current off-the-shelf arrangements can preserve existing passporting arrangements, while giving the UK the influence and control it needs over financial services regulation as it develops. 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.

“No doubt the hard grind of establishing what best protects UK interests is already underway. This issue needs to be right at the top of the in-trays of the Chancellor, the Governor of the Bank of England, and the UK’s lead negotiators.”

Andrew Tyrie has published a pamphlet for Open Europe, “Giving meaning to Brexit”, which seeks to narrow down the choices, in practice, available to the Government and to provide a reality check.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13085 views comments | 27 tweets | 42 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9104 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8457 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8075 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
7850 views comments | 31 tweets | 45 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job