François Viceroy de Galhau told the Europlace International Financial Forum that since September, 21 investment companies, four credit institutions and seven third-country branches had applied for authorisation to ensure “continuity of activities in France” after Brexit.

Furthermore, he said 31 entities consisting mainly of investment firms have applied for a licence in France.

Mr de Galhau encouraged more firms to follow their lead. He said: “Even if there is a trade deal, which I still wish and hope, Britain will have left the single market and things will change anyway significantly for financial services.

“It means that firms operating under the European passport must quickly finalise their relocation to the EU if they want to operate here as of next year.”

It was revealed by EY this month, that over 7,500 jobs had been moved to Europe since the Brexit referendum in 2016. At the same time, at least 24 financial services firms publicly recorded more than £1.2 trillion of asset transfers.

Favourite destinations for relocation include Dublin, Luxembourg, Frankfurt and Paris, The Daily Telegraph reports.

Tomorrow, the Lord’s EU services subcommittee will publish a report on the effect of Brexit on professional and business services. The report is expected to outline ways the Government can support these industries at the end of the Brexit transition period, such as by providing data adequacy and equivalence.