Lloyd's Brexit contingency plans questioned

Markus Ferber, vice chairman of the European Parliament's Monetary Affairs Committee, has questioned the validity of Lloyd's of London's Brexit contingency plans and the Belgian authorities' lax approach towards relocating business post Brexit," Financial News reported. Lloyd's chose Brussels for its post-Brexit European Union hub in March 2017 and plans to relocate "up to 40" of its 800 London-based staff to the Belgian capital. U.K.-based financial services firms that want to have full single-market access post Brexit would need a "substantial presence within the EU," Mr. Ferber said.

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