The Bank of England (BoE) has urged banks to seek its approval before moving jobs or operations from the UK to the European Union.

The UK central bank is reportedly concerned that European regulators are requesting more relocation than is needed to retain financial stability following the UK’s exit from the EU.

The bank’s call for lenders to obtain its consent comes after hearing a number of requests from the European Central Bank. The BoE found these requests to be excessive and beyond what is required from a prudential supervisory perspective, people familiar with the move told The Financial Times (FT.)

The sources also said that BoE governor Andrew Bailey has taken a personal interest in the issue.

The newspaper said that both politicians and regulators have been worried that European equivalents are trying to poach as much financial services business as possible.

However, the bank’s push for organisations to seek approval has been criticised by international banks.

“Being told in advance of banks' plans is one thing, but requiring regulatory approval first is quite another,” said one senior adviser to a US bank in London, according to an FT report.

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