The financial services industry constitutes around 7 per cent of UK GDP, directly employs 1.1 million people (two-thirds of them outside London) and contributes a significant proportion of tax revenue to the UK. An important part of the industry is the banking sector, consisting of UK domestic banks and non-UK banks that have established themselves in the UK (many of which use the EU passport to conduct cross-border business).

Following the UK’s vote to leave the European Union, the Association of Foreign Banks formulated a position statement earlier this year to reflect what they understood to be the key Brexit related issues for the foreign banking sector in the UK. This was followed by a survey, carried out with Norton Rose Fulbright, among the AFB membership gauging the foreign banking sector’s sentiment on Brexit. AFB members, including some of the world’s largest banks, responded, looking at three areas:

  1. The UK’s post-Brexit relationship with the EU
  2. Immigration impact on staff
  3. Business confidence/political stability in the UK

We hope that you find the report insightful. If you would like to discuss any aspect of the report further, please get in touch.

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Jonathan Herbst
Jonathan Herbst
Global Head of Financial Services
Email
T: +44 20 7444 3166

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Recent publications

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Beneficial ownership registers: Regulation Around the World

In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions.

Global | March 23, 2023

Financial institutions

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The Designated Activities Regime: what is it and how will it impact firms?

The Financial Services and Markets Bill (FSM Bill), which was laid in front of Parliament in July 2022 and is expected to be finalised in the coming months, includes the introduction of a new designated activities regime (DAR).

Global | March 23, 2023

Financial institutions

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The future of asset management regulation in the UK – FCA discussion paper DP23/2

On 20 February 2023, the Financial Conduct Authority (FCA) published a discussion paper, DP23/2 (the DP), seeking views on the current UK regime for regulating funds and asset managers and setting out ideas for improving its regulation of the sector.

Global | March 21, 2023

Financial institutions
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