Banks, insurers and asset managers have opened new or expanded existing hubs in the EU to continue serving their clients given that future access will be more limited once transition arrangements expire on Dec. 31.
But there could still be a flurry of further staff and operational announcements in the weeks before the year end, said Omar Ali, UK financial services managing partner at EY. EY said its Brexit Tracker showed that companies have also been hiring for more than 2,800 new roles in Europe since Britain voted to leave the EU in 2016.
The EU has said it will only offer selective access for the City of London’s range of financial services under its “equivalence” system, under which access is only allowed if Britain’s finance regulations are equivalent to the EU’s.
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