Treasury Select Committee chairman Andrew Tyrie (pictured) has underlined the importance of the single market to the financial services sector after learning the number of single-market passports currently held by UK and other EU financial firms.
In a letter sent to Tyrie on 17 August, Financial Conduct Authority (FCA) CEO Andrew Bailey detailed the number of UK firms holding single-market passports and also how many European firms hold passports to provide financial business in the UK. According to Bailey, as of 27 July 2016, 13,484 firms have passports registered with the FCA under various passport directives with a view to providing business either in the UK from Europe or visa versa, including the Markets in Financial Instruments Directive (MiFID) and the Insurance Mediation Directive (IMD). Of those, 8,008 are European fi...
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