Single-market passport figures show Brexit risk - Andrew Tyrie

"The business put at risk could be significant"

Tom Ellis
clock • 2 min read

Treasury Select Committee chairman Andrew Tyrie (pictured) has underlined the importance of the single market to the financial services sector after learning the number of single-market passports currently held by UK and other EU financial firms.

In a letter sent to Tyrie on 17 August, Financial Conduct Authority (FCA) CEO Andrew Bailey detailed the number of UK firms holding single-market passports and also how many European firms hold passports to provide financial business in the UK. According to Bailey, as of 27 July 2016, 13,484 firms have passports registered with the FCA under various passport directives with a view to providing business either in the UK from Europe or visa versa, including the Markets in Financial Instruments Directive (MiFID) and the Insurance Mediation Directive (IMD). Of those, 8,008 are European fi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

'Danger' for advisers who think poor conduct is not relevant to them

'Danger' for advisers who think poor conduct is not relevant to them

‘You cannot rely on people deciding what to do in the moment’

Hope Coumbe
clock 28 March 2024 • 1 min read
Advisers on 'dangerous ground' if they take tick-box regulation approach

Advisers on 'dangerous ground' if they take tick-box regulation approach

‘They should embrace the spirit in which the regulation has been created’

Isabel Baxter
clock 27 March 2024 • 1 min read
FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read