UK banking sector faces higher costs after Brexit, report warns

Brexit looms: management teams may find commercial reasons to relocate more activity to the EU

Banks based in the UK may find their operating costs rise between 2% and 4% after Brexit, due to the duplication of departments on the continent required to comply with European Union regulations, according to a report released by consulting firm Oliver Wyman.

The functions most likely to be replicated are “control areas such as risk, compliance and finance, equivalent to around $1 billion, £756 million, across the industry”, the report says.

Banks intend to minimise the initial expense and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: