In Depth: Brexit Clock Ticking As Firms Face Contract Dilemma

The prospect of a no-deal Brexit is piling pressure on UK financial firms that have customers in other EU member states, as difficult decisions arise over how and when to update their contracts.

As the UK’s departure from the union will almost definitely mean payment and e-money institutions lose their passporting rights, firms providing services in other member states have generally opted to establish a second legal entity authorised elsewhere in Europe.

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