EU City staff win employers’ backing over UK residency rights

02 Aug 2016 | Posted by Carl Thomas

Financial firms in the City of London are looking at how they can guarantee the future of European Union staff working for them once the UK has left the super state.

According to the Financial Times, around 10 per cent of the staff in a number of asset management businesses are made up of EU nationals, and companies are now looking at ways to ensure their continued employment in Britain.
The paper said that could include funding UK visas and encouraging staff to apply for UK citizenship in order to safeguard their positions working in London.
It remains unclear whether EU citizens in the UK at the time of the Brexit vote at the end of June will be able to remain in the country when the UK is formally separated from the EU.
Fund house RWC’s chief executive Dan Mannix said the company would obtain UK visas for its staff if necessary.
He added: “At times like this when people feel uncertainty, it is important to walk around the office and reassure people. We have a truly multicultural organisation that we are proud of. It is very important for us that those people continue to be well supported and feel welcome in London.”
Meanwhile, Mark Holman, chief executive of TwentyFour Asset Management, said that the company has held meetings with staff following the Brexit vote. Almost half of the London firm’s staff come from outside the UK and the company is prepared to meet the legal costs of workers to ensure they can remain in Britain.
Insurer AIG has also launched a Brexit insurance policy, which is being marketed to UK workers in EU countries and EU nationals working in executive positions in the UK. The policy offers financial support for people whose applications for UK residency are rejected and will fund their legal challenges if necessary.