Regulator the Financial Conduct Authority has written to banks warning them about moving business away from the UK because of Brexit. Banks have been opening European subsidiaries and moving staff to locations that will remain inside the EU post-Brexit such as Amsterdam, Frankfurt and Dublin to ensure they are able to service customers after the UK leaves the trading bloc. An FCA spokesperson confirmed that it had warned banks about their actions in relation to Brexit, saying: “We have emphasised to firms that we expect decisions taken by them in relation to EU withdrawal to be consistent with our statutory objectives, which includes the interests of their clients” A letter seen by Financial News and signed by the FCA’s executive director for supervision Megan Butler warned banks that moving non-EU clients outside the UK could expose them to increased costs and new risks. The letter read: “We are prepared to intervene where we see steps being taken which could expose clients or markets to unacceptable risks.” It said banks should “make the minimum necessary changes required” and clients “should not be moved out of the UK until the FCA is satisfied” that the companies in question have “fully considered the… Read full this story
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