London ‘Continues’ to be Top Financial Services Investment Destination
London – New evidence that London remains number one for FDI is supported by compliance and regulation consultancy Complyport’s “strong demand” for FCA authorisation from EU based financial services firms.
Paul Scott, CEO of Complyport, commented on recent findings that London remains the top destination for Foreign and Direct Investment (FDI):
“Despite significant anxiety that the UK would lose its financial services crown post-Brexit, the evidence is clear: the UK continues to be the number one destination for financial services in Europe. Our long history as a financial services hub and our willingness to go above and beyond in regulations, talent, and operations is not only reflected in FDI figures, but also in the number of firms looking to set up in the UK. At Complyport we have seen a consistent stream of EU based financial services firm seeking FCA authorisation through the Temporary Permissions Regime.”
New reports that London is top of the list of European FDI destinations further bolsters the strength of the financial services industry post-Brexit, despite concerns over the impact of the lack of detail in the original Brexit deal, and the loss of passporting rights between the UK and EU.
The Temporary Permissions Regime (TPR) allows European Economic Area (EEA) firms and funds to continue to operate in the UK, while seeking full authorisation from UK regulators. Of the total applicants to the scheme, 83% were seeking to establish a UK office for the first time through the use of a ‘services’ passport.
Paul Scott, CEO of Complyport, said:
“Applicants working with us to become FCA-registered come from a wide range of countries and areas in financial services, including digital currency operators, FX traders, investment funds and retail finance operators. While the UK cannot rely on reputation alone to sustain our success, London and the rest of the UK remain very attractive destinations for those seeking the best our industry has to offer.”
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Complyport is a leading compliance and regulatory consultancy providing bespoke, practical solutions for all manner of regulated firms both in the UK and overseas. They have assisted with 1000 successful FCA and EU authorisations to date. Their specialist compliance services expertise can either sit alongside current compliance teams or, for an independent solution, they can bring their team in-house. Established in 2002, Complyport combines former regulators, industry practitioners and legally qualified individuals to offer clients an unparalleled, professional team.