U.K. Seeks Views on Post-Brexit Regulation of Foreign Banks
- FCA says businesses will need ‘active’ office in the U.K.
- Regulator says it may be appropriate to incorporate in Britain
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With just a few months to go before Brexit takes effect, the U.K. Financial Conduct Authority started a consultation to look at the regulation of foreign banks.
The FCA said Wednesday that it expects an increase in foreign banks seeking U.K. authorization when the post-Brexit transition period expires at the end of this year. It also said that it will expect those companies to “have an active place of business in the U.K.”