UK - based banks are under pressure from the European Central Bank ( EC ) to do more than the bare minimum to prepare for Brexit . This requirement has not changed, a source close to the matter said, even though the EU has given Britain until Oct. 31 to leave, an extension from the original “Brexit Day” of March 29. Some establishments have already moved personnel into EU - based offices , but reports have suggested they are " thinly staffed " , while other banks have been holding off on costly preparations since the UK 's exit date from the EU was delayed . However , the ECB is insisting on a previous agreement that banks had to close their European offices within one to two years to obtain operational licences .
UK - based banks are under pressure from the European Central Bank ( EC ) to do more than the bare minimum to prepare for Brexit . Some establishments have already moved personnel into EU - based offices , but reports have suggested they are " thinly staffed " , while other banks have been holding off on costly preparations since the UK 's exit date from the EU was delayed . However , the ECB is insisting on a previous agreement that banks had to close their European offices within one to two years to obtain operational licences .