Concerns have been raised by the British Bankers’ Association (BBA) about whether lenders will have enough time to make the changes needed when the UK exits the EU.
Following the UK’s decision to leave the EU, the UK is waiting for Article 50 to be triggered, which will leave two years for the UK to leave the EU.
However, a number of spokespeople for the industry have said this is not long enough for the financial services industry to make a realistic transition.
Speaking in a House of Lords debate last week, Andrew Gray, UK regional financial services leader of PwC, said: “Two years is an unrealistic time frame to expect financial services to plan for change and make the transition.”
Anthony Browne, chief executive of the BBA, said: “Businesses need to be able to plan, and there should be some form of transitional arrangements to enable them to plan.”
Speaking about the timeline of pulling the UK out of the EU, Mr Browne added: “It takes years to reallocate activities from the UK to elsewhere.
“The more certainty the government is able to give – and we totally understand it is bilateral – the less risk of disruption to financial services.”
In July, Theresa May replaced David Cameron as prime minister and was viewed as a safe pair of hands to tackle the immense task of reconciling popular anti-EU sentiment with the near-impossibility of replicating anything as City-friendly as EU membership.
At the time, Ms May said: “Brexit means Brexit, and we are going to make a success of it.”