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Do not move business out of UK, banks warned

Bankers say they are taking the guidance seriously due to the strong wording of the letters

London, England - October 1, 2018: One Canada Square, middle, flanked by HSBCs 8 Canada Square, right and 25 Canada Square, left, known simply as the Citigroup Centre.
London, England - October 1, 2018: One Canada Square, middle, flanked by HSBCs 8 Canada Square, right and 25 Canada Square, left, known simply as the Citigroup Centre. Photo: Getty Images

The City’s financial watchdog has issued a stern warning to banks not to needlessly shift business out of the UK ahead of the country’s exit from the European Union.

The Financial Conduct Authority has sent letters to the bosses of at least five banks in the City, including Bank of America Merrill Lynch, urging them to limit the number of clients they shift to their European operations as a result of Brexit.

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