European Banking Authority says banks should brace for Brexit
LONDON (UK) – The European Union banking watchdog said on Wednesday that banks which are using the UK as a gateway to the bloc must execute their plans for serving customers of member states before the Brexit transition period ends in December.
Many big banks have already set up hubs in the bloc and the European Banking Authority said they must implement their Brexit plans as agreed in the new licences.
“In particular, financial institutions should ensure that associated management capacity, including appropriate technical risk management capabilities, is effectively placed ahead of time,” EBA said.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field