London Is Still A Global Gateway for Financial Services
News that nearly 1,500 firms are in the UK’s Temporary Permissions Regime (TPR) show that London is still seen as a global gateway for financial services. That the majority of these firms are establishing new business also indicates that even post-Brexit, UK financial regulation and authorisation continues to be respected. This bolsters findings form the CBI at the end of 2020 indicating that even before the transition period ended, there were signs of growth in the UK’s financial services industry.
Paul Grainger, CEO of compliance and regulatory consultancy Complyport Ltd, commented:
“The EU’s resistance to granting the UK equivalence has done little to stem the flow of new business to London. Parallel to this influx of business through the Temporary Permissions Regime, we at Complyport are seeing an uptake in authorisations from EU-based firms, trading platforms, and general financial services providers.
“From our closest neighbours in Ireland and France to Cypriot firms on the other side of the continent, the message is clear: London is still a crucial place to do business.”