Following the UK withdrawal from the EU, and the United Kingdom's loss of passporting rights at the end of transition period, cross-border trade in financial services between the two parties will face great challenges. In an effort to minimize these challenges, the UK Treasury issued a Temporary Permissions Regime (TPR) that will allow businesses to continue operations in the UK for a limited period of time.
According to recent research, by October 2019 already over 1,400 firms in the financial sector applied to use the Temporary Permissions Regime. Ireland had the highest number of applications, with 228 firms.
Number of applications for Temporary Permissions Regime (TPR) from the European Union (EU) as of October 2019, by country
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Bovill. (January 20, 2020). Number of applications for Temporary Permissions Regime (TPR) from the European Union (EU) as of October 2019, by country [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1122584/number-of-firms-opening-uk-offices-after-brexit/
Bovill. "Number of applications for Temporary Permissions Regime (TPR) from the European Union (EU) as of October 2019, by country." Chart. January 20, 2020. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1122584/number-of-firms-opening-uk-offices-after-brexit/
Bovill. (2020). Number of applications for Temporary Permissions Regime (TPR) from the European Union (EU) as of October 2019, by country. Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1122584/number-of-firms-opening-uk-offices-after-brexit/
Bovill. "Number of Applications for Temporary Permissions Regime (Tpr) from The European Union (Eu) as of October 2019, by Country." Statista, Statista Inc., 20 Jan 2020, https://www.statista.com/statistics/1122584/number-of-firms-opening-uk-offices-after-brexit/
Bovill, Number of applications for Temporary Permissions Regime (TPR) from the European Union (EU) as of October 2019, by country Statista, https://www.statista.com/statistics/1122584/number-of-firms-opening-uk-offices-after-brexit/ (last visited December 23, 2024)
Number of applications for Temporary Permissions Regime (TPR) from the European Union (EU) as of October 2019, by country [Graph], Bovill, January 20, 2020. [Online]. Available: https://www.statista.com/statistics/1122584/number-of-firms-opening-uk-offices-after-brexit/
