While there were uncertainties on
how the UK will operate after Brexit,
it seems that it will remain a lucrative fintech hub. The financial services
regulatory consultancy Bovill has revealed that approximately 1000 EU finance companies
are seeking to open offices in the country.
The firm made a Freedom of
Information request which showed that 1,500 money managers, payment firms and
insurers have applied for permission to keep working in the UK after Brexit.
Moreover, around two thirds of these had no physical operation in Britain. This
means that many companies will be opening offices for the first time. A
managing consultant at Bovill, Mike
Johnson, said that this is good news for UK professional advice firms across
multiple industries including lawyers, accountants, consultants and recruiters.
This will also be a welcome boost for the service sector.
With the changes occurring in
Britain, there were a lot of concerns with regards to how Brexit will affect
the financial sector. Indeed, last month, London was ousted by Amsterdam
as the largest share-trading centre in Europe. This followed changes in finance
rules. However, it seems that things are not so bleak. As Mike Johnson advanced
this data suggests that London
“is set to remain a key global financial centre”.
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