German regulator tells banks to speed up relocation plans as 'cliff-edge' Brexit looms

The head of Germany's financial regulator has warned that firms in the City of London are at increasing risk of a "cliff-edge" Brexit, as he urged banks wanting to relocate to the country to speed up their applications.

Felix Hufeld, president of Bafin, said that the regulator is currently preparing for the worst, given the lack of progress from the last five rounds of Brexit talks.