There is a queue at Consob. At the end of last year, the authority that oversees the markets had granted authorisation to operate in Italy to 21 British intermediaries who, since 1 January, no longer have a Community passport. Of these, 18 operate under the freedom to provide services, without a branch in Italy. Three – Moneyfarm, Tendercapital and Mangusta Risk – have instead requested and obtained the green light to do so through a local branch, which they already had previously.