Banks need Brexit transition deal by end of year, warns FCA chief

City firms will be forced to make ‘irreversible’ staff moves if agreement is not reached, says Andrew Bailey

Banks could start to make irreversible moves to transfer staff from London to rival cities in the EU unless there is clarity over Brexit by the end of the year, the Financial Conduct Authority chief executive has told MPs.

Andrew Bailey, in a wide-ranging appearance before MPs on the Treasury select committee, said contingency plans being implemented by major banks involved leasing office space, which could be reversed in the event there was not a hard Brexit, or a transition deal was agreed.

Continue reading…

Read full original article »