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Inside the plan to crack down on London bankers’ Brexit workarounds

Expect more ‘shadow boxing’ between UK firms and Europe’s watchdogs, say Brexit watchers

Worryingly for the City, the ECB investigation could result in lenders being benchmarked across the market on asset and risk location
Worryingly for the City, the ECB investigation could result in lenders being benchmarked across the market on asset and risk location Photo: Getty Images

International banks in the UK are under increasing pressure to tighten up compliance with post-Brexit rules amid a regulatory review.

The European Central Bank will finish its so-called desk-mapping exercise  in the first quarter, according to a person familiar with the process. It is the first step in making sure that firms are not running empty shell companies on the continent while still doing the bulk of their business in the UK.

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