Laggard banks told COVID-19 no excuse to delay beefing up EU Brexit hubs

Banks in the UK are coming under growing pressure from regulators to get their new hubs in the European Union up and running even as COVID-19 and foot-dragging by clients disrupt Brexit relocation plans, banks and regulators say.

"Many institutions in the EU are too small to be viable and are not doing a lot of business yet as clients want to remain connected to deep liquidity in London," said John Liver, a partner at EY, which is advising banks on their Brexit plans. "We are wondering why EU regulators need all those people to be physically on the ground in the EU when they can comply with the rules of EU from anywhere," the banking source said.With no possibility of direct EU-wide access from January, banks in Britain will have to rely on a patchy web of bilateral agreements with national regulators.

With COVID-19 knocking the economy and clients' operations, there are also questions about the financial sense of running a UK and an EU hub.

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