The other great passport debate
By Teamspirit on Thursday, 6 October 2016
A report by EY has found that the maintaining passporting for goods and services is top of Brexit wishlists for financial services firms.
68% all the firms questioned by EY consider retaining the ability to passport their goods and services crucial. This figure rises to 80% among major investment banks, three-quarters of whom have stated that they would consider relocating or reviewing their operations if passporting rights can’t be secured as part of the Brexit negotiations.
However, for fintech companies it seems like regular passports are more important. A majority of the fintech firms who have publicly stated their concerns over Brexit have voiced access to skilled labour as their major concern, followed by passporting goods and services.
On one hand, the UK’s reputation for fintech excellence being dependent on continued access to leading talent. But on the other, recent FCA figures showing that over 13,000 firms currently rely on passporting to access the EEA from the UK or vice versa.
It will be interesting to see which passport takes priority as Brexit negotiations begin in earnest.