Regulator scrutiny blamed for speeding up bank Brexit

London

EUROPEAN and UK regulators risk inadvertently hastening the loss of some banking operations from London by pushing lenders to make detailed plans for the worst-case "Brexit" scenario, according to people familiar with the matter.

Senior finance industry executives are concerned that Bank of England (BOE) and European Central Bank (ECB) demands for full contingency plans may spur the relocation of activities from London to the continent, said the sources, who asked not to be identified because the matter is private. As the UK prepares to quit the European Union by the end of March 2019, firms seeking continued access have been asked to consider the approvals needed to set up a subsidiary in time.