French regulators in move to woo UK companies post-Brexit
Written by staff reporter
The French regulator has announced measures to make it easier for UK companies looking to set up operations there in the wake of the Brexit vote. A number of UK companies are working on contingency plans in preparation for Article 50 being triggered, with Lloyd’s of London among the latest to make such an announcement.
Partner at Clyde & Co in Paris, Yannis Samothrakis, said the announcement by French regulators of measures designed to woo British businesses to relocate to Paris in preparation for a ‘hard’ Brexit could be the first of many by financial centres across the EU.
"All these have much to offer but Paris already offered a compelling propostion, even before this annoucement to cut red tape. A stable regulatory regime, combined with recent changes to the legislation governing portfolio transfer for reinsurance...give executives contemplating a move from London plenty to think about," he said.
“However, while France is first out of the blocks, we may see regulators in other locations announcing similar measures in an attempt to differentiate themselves and attract UK companies. The challenge for insurance businesses will be to pick the regime that is most favourable to them. As this will be a key strategic decision with long term implications for the future health of their business they will most likely want to keep their powder dry while potential countries jostle for position.”