[1andrew1]

Stables and horses bolting come to mind!

Having campaigned to leave the EU in 2016 to let Britain to “trade more energetically” with other countries, the Oxford and Cambridge educated lawyer [Dominic Raab] confessed four weeks ago: “I hadn’t quite understood the full extent of this, but if you look at the UK and look at how we trade in goods, we are particularly reliant on the Dover-Calais crossing.” Now, the FCA has woken up to a similar geographic reality: foreign banks can easily move their client-handling operations and management teams out of the UK ahead of Brexit — and many are doing just that...
Why is the FCA writing to CEOs only now? People familiar with its approach say this is part of an ongoing process of looking at how banks’ business plans evolve, and now — closer to Brexit — it is setting out regulatory, not political, principles. But, if this is not political, why has the “Dear CEO” letter, unlike every other missive the regulator sends out, not been published on its website?
Could it be that the number of non-EU clients being dragged out of the UK in the wider EU exodus is far higher than anyone realised? It would not be the first time someone looked at a Brexit road map and belatedly realised which way the traffic goes.

https://www.ft.com/content/46aa44e6-...6-2022a0b02a6c