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UK market access to be sought by top EU finance firms

By Kalyeena Makortoff

The UK'S financial regulator is expecting 130 European financial services firms to submit licence applications in order to gain access to the market here after Brexit.

Sam Woods, chief executive of the Prudential Regulation Authority (PRA) and a deputy governor at the Bank of England, warned that it would be "unwise" for companies to bank on a transitional agreement between the UK and EU, which could temporarily extend cross-border agreements for financial services.

"I think we are likely to see at least 130 applications to be authorised here in the UK," he told Reuters.

The PRA earlier this summer collected details from more than 400 banks and financial firms with cross-border activities between the UK and the EU on their preparations for all scenarios in the Brexit negotiations, including a "no deal" outcome.

Belfast Telegraph

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