Brexit

Trader ‘chaperones’ ignite worries on Brexit workarounds

Concerns are now mounting that the practice could be deemed questionable by EU regulators

Chaperoning allows London traders to continue to provide services to customers in the EU, by adding a colleague regulated to work in the EU on a call
Chaperoning allows London traders to continue to provide services to customers in the EU, by adding a colleague regulated to work in the EU on a call Photo: Justin Tallis/AFP/Getty Images

The 11th hour Brexit deal agreed in late December was notably lacking in provisions for financial services. To continue to seamlessly serve European clients, City workers got creative.

Brexit workarounds that traders and bankers are using have included booking trades through eurozone entities, handing EU-registered mobile phones and .eu email addresses to London employees, and employing a tactic known as chaperoning, Financial News has reported

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