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“We are ensuring all officials are properly conveying this information.”
Almost 1,500 EU-based financial services firms have applied for permission to operate in the UK, with around 1,000 of these planning to establish their first office in the country, according to a Freedom of Information request (FOI) by financial regulatory consultancy Bovill.
The FOI request from last year showed 1,441 firms had applied to the Temporary Permission Regime (TPR), with 83 percent of these on a services passport, meaning they would need to set up an office in the UK for the first time.
Earlier this month, the Bank of England warned the EU that their demands are excessive compared to international standards.