Finance firms 'quieter on Brexit' suggests planning mostly done: EY

As the number of financial services jobs and assets being relocated from the UK eases off, EY has suggested that this shows the sector is ready for Brexit.

The professional services firm said the “volume of public statements on (the) impact of Brexit from financial services firms significantly declined over the last quarter, indicating that they had largely prepared for EU departure in March”.

But it said that the number of jobs that could relocate from London to Europe in the near future still stands at around 7,000, and the value of assets which could move out of the UK as a result of Brexit remains approximately £1 trillion.

Omar Ali, UK financial services leader at EY, said: “Over the past three months, financial services have kept relatively quiet on the status of their Brexit plans.
"Given that many companies had pulled out all the stops to be ready ahead of the March deadline, much of the planning of temporary solutions for staff and operational moves has already been completed.”

But he added: “Firms still have significant work to do to transfer client relationships and assets. They also need to plan for the possible crystallisation of widespread credit, market or operational risks around any exit as well as broader economic impacts.”

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