The City of London Corporation has partnered with the global law firm Hogan Lovells to develop a straightforward introductory guide on how navigate the UK’s regulatory environment and seek authorisation by UK’s financial regulators in a bid to encourage financial services businesses looking to expand in the UK.
The guide, Expanding into the UK: A guide for international financial services firms, unpacks the main elements of the UK’s regulatory regime, offering insights into issues particular to banking, fintech, insurance and asset management firms. It also explains which regulator, the Financial Conduct Authority or Prudential Regulatory Authority, firms should obtain authorisation from and why.
An approximate timeline of application process is also incorporated in the guide – aiming to give investors an outline of what to expect after applying.
The UK attracted over £1bn of foreign direct investment last year, creating over 7,000 jobs. Many of these jobs were in the tech sector, the fastest growing job market in the Square Mile and this guide hopes to allow Britain’s financial and professional services maintain this momentum.
The City of London Corporation welcomes new business and can support businesses in several different ways, including:
- Giving companies access to the City of London Corporation resources, including venue space for launches
- Helping facilitate access and to create opportunities with other business across the UK
- Providing real estate expertise with regards to finding office space
- Facilitating introductions to appropriate UK Government and policy leaders
- Providing market and policy insights
Chris Hayward, Policy Chairman at the City of London Corporation said:
“Expanding into the UK is more than just a strategic choice: it’s an opportunity to connect with a vibrant ecosystem of experts, innovators, and leaders across financial services and technology and we’re here to support your growth.
“Global investors are confident in the UK’s strengths, and this is proven by it attracting over £1bn of foreign direct investment into its financial and professional services sector last year, creating over 7,000 jobs. To maintain this momentum, the City Corporation has developed an excellent framework to clarify the UK’s regulatory system for investors. This resource will help firms better understand the requirements for setting up and expanding here, and for transacting and delivering their products and services in the UK.”
Lord Mayor of London, Alastair King, said:
“As financial services businesses look to grow outside of their home market, finding the right stable, innovative, and opportunity-filled environment is crucial. A skilled workforce, an open and globally connected economy, and a world leading regulatory system, mean that the UK should be the first choice for firms looking to expand internationally.
“But along with the ‘why’ we also want to support firms by helping them with the ‘how’ and that is why the City of London Corporation has partnered with Hogan Lovells to create an introductory guide to getting authorised by the UK’s regulators. This guide is designed to help firms navigate some of the key practicalities of establishing and growing a financial services business in the UK.
“We look forward to welcoming new businesses to the Square Mile.”
If you’re interested in coming to the UK, please do contact us on and we can offer you practical support.
ENDS
Notes to editors:
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.
