BOE Intervenes in Lenders’ Post-Brexit Relocations, FT Reports

(Bloomberg) -- The Bank of England is insisting that lenders seek approval before moving U.K. jobs or operations to the European Union, the Financial Times reported Monday.

The central bank is concerned European authorities are asking for more relocations than necessary for financial stability after Brexit, the newspaper said without disclosing where it got the information. The BOE has heard of several requests from the European Central Bank that it believes go beyond what is required from a prudential supervisory perspective, according to the FT.

The BOE declined to comment when contacted by Bloomberg News.

Since Brexit took effect at the beginning of 2021, London-based financial firms have been largely unable to operate in the bloc, forcing banks like JPMorgan Chase & Co. and Goldman Sachs Group Inc. to move billions of dollars in assets and thousands of staff to the continent. Last week the U.K. and EU took their first step to cooperating on financial oversight, agreeing on a new forum to discuss market regulation.

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