A blog posted on the website of the British Bankers' Association last week shines a light on the debate within the industry. Written by Marley Morris, a researcher at Counterpoint, a think-tank, it cites descriptions of Ukip as the "party of no".
As such, it argues it may be better to focus attention on mainstream parties – as well as potentially more moderate eurosceptic movements such as Alternative für Deutschland – as "the best way of handling a potential populist surge".
Ukip politicians on the other hand insist that they want to promote British interests. Roger Helmer, the member for the East Midlands, points to Mr Farage's former job as a metals trader as he insists his party will "do what we can to defend the City".
Adding to the sector's concerns, is the impending departure of a numberof influential mainstream British MEPs, including notably Sharon Bowles, the Liberal Democrat chair of the Economic Affairs Committee.
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Lobbyists praise her even-handed approach to complex topics, and the UK is unlikely to clinch the chairmanship of the powerful committee in the next parliament given its role overseeing eurozone matters.
"We are losing quite a degree of experience – voices of deep understanding and knowledge of the sector," said a Brussels lobbyist.
While the current parliament has already seen a tidal wave of financiallegislation, there is more to come when the next one meets.
Several commission initiatives – not least reform to bank structures and regulation offinancial benchmarks – will be unfinished and left in limbo. The files can be droppedor taken up by the new parliament, whose priorities are hard to predict,especially after the arrival of new MEPs from anti-immigration and anti-EU parties.
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Further undermining the UK's voice in the parliament is prime minister David Cameron's decision to leave the European People's party. This will mean there are no British MEPs in the parliament's main centre-right grouping, which plays a pivotal role on many files. And Conservative MEPs are expected to suffer heavily at the hands of Ukip.
Labour MEPs are in the parliament's main centre-left grouping but have often voted with it against City positions. They backed the Financial Transaction Tax, EU powers to ban short selling, the banker bonus cap and an unsuccessful proposal for a bonus cap on fund managers.
Lobbyists are now anxious to convince new MEPs that the financial sector acts as a catalyst for growth, rather than a vehicle for the self-enrichment of a few bankers in London.
"The industry is held in such low regard that the idea is to get ahead of the curve," said one.
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