Major banks in London could move to Paris

More Brexit trouble?

France’s leading financial regulator has told the BBC that some of its major banks are in the advanced stages of moving some operations from London to Paris.

Financial regulator, Benoit de Juvigny, has said that “large international banks” have taken the due diligence to set up a subsidiary in Paris.

Authorities in other countries have welcomed banks moving from London for when Britain leaves the EU – these countries are Frankfurt, Luxembourg and Amsterdam.

For years now many British based service companies have been able to operate in the EU using so called passporting rights.

However, this scheme could end when Britain leaves the EU, there has been no promise of it being replaced with anything similar.

This uncertainty has left many financial businesses and international banks making plans to move big chunks of their companies to an EU member country.

De Juvigny told the BBC: “The danger is the race that we could have for a more lenient regulation with a more lenient regulator.”