Financial Services Ireland

Brexit and its impact on financial services

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The United Kingdom has left the European Union. On January 1, 2021, the UK ceased to be a member of the political and economic organisation that it joined in 1973. The implications of its departure are still emerging. Although there is a trade deal in place, the effect on the financial services sector is slowly becoming clearer.

We are working with our clients as they tackle commercial, regulatory and political disruption. We are helping them to make essential strategic decisions to secure their long-term aims. Together, we are identifying new opportunities and laying the foundations for the next era of global financial services.

Brexit’s impact on financial institutions

Many global financial institutions had large hubs in the City of London. Many considered spreading their business divisions or operations across other European centres of commerce. Decisions were based on factors including where established entities are located, local law and regulations, and cultural fit.

Dublin featured highly on many shortlists. Ireland attracted more global financial institutions relocating from the UK than any other EU member state during the transition period, for many reasons.

Our legacy relationship with the UK is one of the strongest in Europe. We have significant cultural commonalities, not least the English language. Ireland is now the only English-speaking member of the EU. We have a young and well-educated pool of talent with financial services experience. And as with the tech industry, we attract top-quality talent from around the world.

Even though the UK has left the EU, organisations still face significant challenges. Then need to make strategic decisions and put in place plans with purpose. We are here to help them to navigate change. Find out how we can help you today.

Fidelma Clarke

FS Associate Partner, Risk, Sustainable Finance Lead for Banking & Capital Markets
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