Brexit was ill-conceived in many respects, but the deed has been done and there is unlikely to be any going back now. Unlike Boris Johnson, we must assume that British financial services providers will not retain their passporting rights as part of the negotiations with the EU. Therefore, with Brexit, a considerable industry volume – including many experts – will disappear from the UK. These experts include not only the emigrating banks, but also the innovative financial services providers who are now being forced to switch gears.
Tobias Schreyer is co-founder and chief commercial officer at PPRO Group