British banks are nervous that a "no-deal" Brexit would cause major client losses and severe market turbulence. Britain's financial sector is watching nervously as the prospect mounts of a "no-deal" Brexit, stoking fears of lost clients and influence in key areas, as well as market turbulence. The central bank said a "no-deal" result could lead to "some market volatility and disruption for financial services, particularly to EU-based clients". But a large number of British financial institutions have already set up or expanded teams and offices in Amsterdam, Frankfurt and Paris to keep working. All this comes at a time when European financial services legislation is largely based on the British model.

Source: News 24 December 13, 2020 08:32 UTC