Compulsions can be hard to resist
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About 1,000 Finance Firms Eying Post-Brexit Outposts in U.K.
Around 1,000 European Union finance firms are expected to open their first offices in the U.K. after losing their passporting rights because of Brexit. Roughly two-thirds of the 1,500 money managers, payment firms and insurers that have applied for regulatory permission to continue operating in the U.K. previously had no physical operations in Britain, according to Financial Conduct Authority records obtained by Bovill, a financial consultancy. The firms “were operating on a services passport prior to Brexit, which means they did not have a permanent office in the U.K.,” said Ed O’Bree, partner at Bovill. ... (full story)