Fast-track Brexit applications report boosts Central Bank

THE Central Bank has published new performance figures aimed at assuring UK-based banks and financial institutions looking to relocate here that it is adequately resourced to fast-track applications.

The Service Standards Performance Report, published just hours after the UK Parliament voted to trigger Article 50 to exit the EU, reveals that applications by nine large mutual funds and financial institutions were successfully authorised and approved within just six months.

For applications from self-managed investment companies — of which there were 65 applications — the turnaround time was about 30 days, according to the report.

The Service Standards Performance Report covers retail intermediaries, debt management firms, moneylenders, retail credit firms, home reversion firms, payment firms and bureaux de change.

Responding to concerns that its regulatory teams would not be able to deal quickly with a flood of applications from UK financial institutions, a Bank spokeswoman said the performance report showed that it is in a position to “cope with a large volume of applications over what might be a relatively short period of time, and then to carry out the oversight activities that will be required”.

“The Central Bank is committed to meeting these challenges,” said Gerry Cross, director of policy and risk at the Bank. “Our workforce and recruitment planning for next year reflects the additional resources needed to deal with applications that will come our way.

“This will take the form both of an increase in staff, that is additional staff recruited to the Central Bank, in areas where we already know that we will need additional numbers and contingency numbers for those areas where we think they might be needed.

“Where further resources are necessary, due to an expanding universe of regulated firms, the Central Bank will increase staff numbers as necessary,” he said.