HSBC’s bill for advice on the impact of Brexit is eight times the amount budgeted by the Financial Conduct Authority for its own work on the issue

HSBC has spent $28 million on advice about the impact of Brexit, revealing for the first time the costs that businesses face in managing Britain’s withdrawal from the European Union.

Reporting its results for 2017, HSBC revealed that it had racked up millions of pounds of Brexit-related costs in the past year as it prepares for the UK’s departure in March next year.

HSBC’s bill is eight times the amount budgeted by the Financial Conduct Authority, the City watchdog, for its own Brexit work.

The bill is likely to be replicated by other big financial institutions, which are having to draft in top-tier legal firms and consultants to ensure that they are ready for life outside the EU. As Britain’s biggest lender, HSBC’s bill will