האגודה הישראלית לחקר יחסי עבודה

מחקר, הוראה ומדיניות בתחום יחסי העבודה

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  • שרגא ברוש, יו"ר לשכת התאום לארגונים הכלכליים
  • קובי בר-נתן, מ"מ הממונה על השכר במשרד האוצר
  • השופטת ורדה וירט-לבנה, נשיאת בית הדין הארצי לעבודה
  • עו"ד שלמה יצחקי, הממונה הראשי על יחסי עבודה
  • עו"ד אבי ניסנקורן, יו"ר הנהגת ההסתדרות הכללית החדשה

חיפוש מחקרים

Brexit: 5,000 financial services firms 'at risk' if UK leaves single market

More than 5,000 financial services firms are "at risk” if Britain leaves the Single Market after Brexit, a senior Conservative MP has warned.

Andrew Tyrie, the chairman of the

target="_blank">Treasury Select Committee, revealed the scale of the threat if the City loses the right to operate across the 27 remaining members of the EU – so-called “passporting”.

A total of 5,476 UK-registered firms hold at least one passport to do business in another member state of the EU or the wider European Economic Area (EEA).

And a further 8,008 firms, registered in other EU or European Economic Area (EEA) member states, hold passports to do business in the UK, information from the Financial Conduct Authority (FCA) revealed.

It is the first time that the number of companies that will be hit by a “hard Brexit” option – favoured by some leading Conservative Eurosceptics – has been set out.

Mr Tyrie said: “These figures give us an initial idea of the effects of losing full access to the Single Market in financial services. The business put at risk could be significant.

“None of the current off-the-shelf arrangements can preserve existing passporting arrangements, while giving the UK the influence and control it needs over financial services regulation as it develops.

“This issue needs to be right at the top of the in-trays of the Chancellor, the Governor of the Bank of England, and the UK’s lead negotiators.”

The task of preserving passporting rights would be “one of the most challenging aspects of the negotiations”, Mr Tyrie warned.

UK news in pictures

UK news in pictures

  • 1/30 20 September 2016

    Prince Harry does 'the dab' with children from the Streetsport initiative during a visit to Robert Gordon University in Aberdeen, Scotland

  • 2/30 19 September 2016

    Some 2500 life jackets worn by refugees who made the sea crossing from Turkey to the Greek island of Chios are displayed in what the organisers called a "Lifejacket Graveyard" in Parliament Square, London, backdropped by the Houses of Parliament. The display was organised by Snappin' Turtle Productions and supported by refugee charities to coincide with the first ever United Nations Summit for Refugees and Migrants taking place in New York

    AP

  • 3/30 18 September 2016

    The Reverend Stephen Mason (L) mounts a horse before leading a church service during the Hyde Park Horseman's Sunday in London. The 49th annual Hyde Park Horseman's Sunday event sees around 60 horses and riders join a congregation for a church service outside St John's Church in Hyde Park, complete with members of the clergy mounted on horses. The annual event began as a way to raise awareness of the local stables situated along Hyde Park and of working horses in central London

    Getty Images

  • 4/30 17 September 2016

    Members of the public gather to watch a giant peach as it is moved through the centre of Cardiff as part of a street performance to mark the start of City of the Unexpected, a celebration of the author Roald Dahl in Cardiff. The celebrated author was born in Cardiff 100 years ago this month and to celebrate the Welsh capital is hosting a series of events this weekend

    Getty Images

  • 5/30 16 September 2016

    Judges manouvere giant cabbages to be weighed in the Giant Vegetable Competition on the first day of the Harrogate Autumn Flower Show at the Great Yorkshire Showground, in Harrogate

    AFP/Getty Images

  • 6/30 15 September 2016

    NCP is renaming one of its carparks to the Sarah multi-Storey Car Park to honour the sporting achievement of one of Britain’s true #superhumans after her record breaking endeavours at the Paralympic Games in Rio

  • 7/30 14 September 2016

    Swimmers enjoy an early morning dip shortly before sunrise in the Serpentine in Hyde Park in London. Areas in the South East of England continue to enjoy seasonable weather

    Getty Images

  • 8/30 13 September 2016

    British Labour party Leader Jeremy Corbyn stands with campaigners outside the Houses of Parliament in central London, during a protest calling for an inquiry into the Battle of Orgreave and the policing of the miners strikes. The campaigners are calling for an inquiry into the way that police handled events outside the Orgreave coking plant, near Sheffield, north-east England, in 1984

    AFP/Getty Images

  • 9/30 12 September 2016

    President of the Zoroastrian Trust Funds of Europe Malcolm Deboo addresses guests during an appeal by senior faith representatives at the Liberal Jewish Synagogue for more action to be taken by the Government on the issue of refugees, in London. Over 200 leaders of the UK's major religions and faiths have signed a letter to British Prime Minister Theresa May, asking to unblock the rules that currently prevent families from being reunited

    Getty Images

  • 10/30 11 September 2016

    Athletes enter the water at the swim start during Ironman Weymouth in Weymouth

    Getty Images

  • 11/30 11 September 2016

    People dressed in vintage clothes attend the Goodwood Revival at Goodwood in Chichester

    Getty Images

  • 12/30 10 September 2016

    Artem Silchenko of Russia dives from the 27.5 metre platform at the Blue Lagoon during the sixth stop of the Red Bull Cliff Diving World Series, Pembrokeshire, Wales

    Red Bull via Getty Images

  • 13/30 10 September 2016

    Debutantes and their escorts rehearse ahead of the Queen Charlotte's Ball at 'One Whitehall Place, The Royal Horseguards Hotel' in London. Queen Charlotte's Ball is the pinnacle event in the London Season. The London Season is rich in history and was formed over two hundred years ago when the custom of returning to London at the end of the hunting season was celebrated with glittering balls and high society events. The modern group of meticulously selected debutantes continue the tradition and celebrate their year of charity fund raising, etiquette classes and debut at The Queen Charlotte's Ball

    Getty Images

  • 14/30 9 September 2016

    Farmers buy and sell at Kelso Ram Sale in Kelso, Scotland. Kelso is the biggest on day sale of Rams in the world, with between five and six hundred consignors attending the event, which dates back to 1836. 5,145 rams will be sold today and last year's sale total reached over two and a half million pounds, with the average ram fetching £610. The last few years has seen rams being exported to countries including Eire, Germany and Holland

    Getty Images

  • 15/30 8 September 2016

    Britain's Prime Minister Theresa May (L) greets European Council President Donald Tusk in Downing Street in London

    REUTERS

  • 16/30 7 September 2016

    The tower of Grain Power Chimney comes down in Isle of Grain. The 244m (801ft) chimney of Grain Power Station, a former oil-fired power station and the second tallest chimney in the UK was demolished by experts Brown and Mason at 11 am

    Getty Images

  • 17/30 6 September 2016

    ‘The Faraway Treehouse’ in Norwich has been titled the UK’s Top Treehouse, as judge and adventurer Steve Backshall has revealed the winner found as part of Center Parcs’ nationwide search. The winning treehouse was built by the Jennings’ family, from Norwich, as a joint project between dad Matthew and his six-year-old daughter Ruby, who got inspired by an Enid Blyton classic ‘The Faraway Treehouse’

    PA

  • 18/30 5 September 2016

    Runners covered in coloured powder enjoy themselves as they ran through the streets of London during the anticipated mass ‘Color Throw'. The Color Run Presented by Skittles is an untimed 5k fun run, aiming to bring together fitness and fun, with the ultimate goal being that participants cross the line with a huge smile on their face

  • 19/30 4 September 2016

    A replica of 17th-century London on a barge floating on the river Thames burns in an event to mark the 350th anniversary of the Great Fire of London

    AFP/Getty Images

  • 20/30 3 September 2016

    Enthusiasts in vintage clothing take a stroll in the rain along Morecambe promenade during Vintage By The Sea event in Morecambe. Vintage By The Sea is a celebration of 20th century design, fashion and entertainment. Now in it's fourth year Vintage By The Sea is hosted in the seaside resort of Morecambe

    Getty Images

  • 21/30 2 September 2016

    Scottish First Minister Nicola Sturgeon and leader of the Scottish National Party (SNP) speaks at a press conference in Stirling. Sturgeon launched a new survey on independence, saying the Brexit vote had changed the conditions that existed when Scotland voted against secession in 2014

    AFP/Getty Images

  • 22/30 1 September 2016

    Getty Images

  • 23/30 1 September 2016

    Mayor of London Sadiq Khan and Tara Arts founder and director, Jatinder Verma offically open the doors at Tara Theatre in London. The theatre is the new state of the art home in South London for the acclaimed Tara Arts, the oldest diverse multicultural theatre company in the UK

    Getty Images for Tara Arts

  • 24/30 31 August 2016

    People relax in front of beach huts in Clacton-on-Sea

    REUTERS

  • 25/30 31 August 2016

    An inflatable pig from the band Pink Floyd floats over the Victoria and Albert Museum to promote "The Pink Floyd Exhibition: Their Mortal Remains", which will open in May 2017, in London

    REUTERS

  • 26/30 30 August 2016

    The final touches are made to a 120 metre-long wooden sculpture of London's skyline from the seventeenth century as it is moored up on the river Thames in London. The sculpture titled London 1666 and designed by David Best will be ceremonially lit and burnt in the middle of the Thames on 4 September as part of celebrations to commemorate the 350th anniversary of the Great Fire of London

    AFP/Getty Images

  • 27/30 29 August 2016

    Police look as a performer dances during the Notting Hill Carnival in London

    REUTERS

  • 28/30 17 August 2016

    Children enjoy the cold water of a fountain in London during a hot and sunny day as temperatures rose up to 25 Celsius (77F)

    AP

  • 29/30 16 August 2016

    AFP/Getty Images

  • 30/30 15 August 2016

    A supporter of Jeremy Corbyn holds up a placard at a Black, Asian and minority ethnic (BAME) rally in north London, organised by 'Jeremy for Labour', a group supporting Corbyn's re-election as Party leader

    AFP/Getty Images

The Treasury committee chairman, a firm Remainer, has been critical of hardline Brexiters, attacked the “false prospectus” offered during the referendum by the Leave campaign.

This week, the head of Germany’s central bank stressed that passporting rights would automatically be lost if the UK was no longer part of the EEA.

That would open the door for Frankfurt to take business away from London, the Bundesbank president, Jens Weidmann, said.

The issue is seen as crucial for Britain’s financial services industry, allowing firms to use London as a hub for serving clients from across the EU, without the need for licences in individual countries.

The FCA revealed the number of firms that will be affected after a request from the Treasury select committee in the summer.

Firms hold multiple passports for different business activities and different member states, bringing the total number of passports held by UK firms to 336,421.

The bulk of passports are issued either under the Market in Financial Instruments Directive (MiFID), covering cross-border investment services, or the Insurance Mediation Directive, the FCA said.

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