The London-based broker Tullett Prebon has received the first acceptance of an offer it made 18 months ago to relocate employees to countries with "more certain" tax regimes, after a team of brokers said it would move to the Middle East.

In an interview with Financial News, Terry Smith, Tullett's outspoken chief executive, said the firm was in the process of moving a team of brokers to the region, but refused to give details about which part of the business the team were from, or which country they were moving to.