Will there be a post-Brexit financial services and fintech boom?
Published 2 months ago
Brexit has created uncertainty and speculation across the UK financial services industry since before the 2016 referendum was held. Now that Brexit is finally a reality, the opportunities it could presents are beginning to come into view.
The EU-UK Trade and Cooperation Agreement (TCA) which was signed on Christmas Eve 2020 primarily focused on easing trade in goods. Services were only lightly touched upon in the agreement.
As regards financial services, negotiations are yet to start in earnest. The TCA does not go even as far as the EU-Canada trade agreement on financial services, but it does allow for mutual market access by way of establishment, such as the creation of branches or subsidiaries in the other jurisdiction.