Lawyers Say FCA Actions Are Making The Financial Sector Ready For The Future
As moves anticipating the end of the Brexit transition period in the UK gather pace, lawyers at Irwin Mitchell point out that the publication of the FCA’s updated handbook, together with the recent letter sent to banks, is a clear sign of preparations accelerating in the financial sector.
Published at the beginning of October, the updated FCA handbook outlines all the rules that will apply at the end of the transition period. This sets out in detail the TTP (Temporary Transitional Power) and how the regulator intends to use it to make provisions to help firms adapt to the new regulations and prepare for compliance with the onshore regime post Brexit.
The publication of the handbook was followed a week later by a joint letter from the FCA and the Prudential Regulation Authority (PRA), to the CEOs of UK and international banks. This letter emphasised the importance of continuing work in preparation for Brexit and to ensure that both they and their clients are ready for all outcomes.
These actions follow the earlier launch of the FCA consultation on its approach to the regulation and supervision of international firms operating in the UK and arrive as the EU Leaders summit concluded with a commitment to continue talking about what remains an elusive UK trade deal.
Expert Opinion“The launch of the FCA consultation, followed by the publication of the handbook and now the letter concerning Brexit transition preparations, clearly shows the FCA accelerating its own plans as Brexit draws near.
“The letter is a final warning concerning the preparations that need to have made for the end of the transition period and as the EU summit concluded with no further progress on a trade deal, the threat of no deal still cannot be ruled out, despite the negotiations moving into extra time.
“No one wants to see brinkmanship down to the eleventh hour but given it seems that is what will now happen; the FCA is taking all the right steps to see the financial sector is ready for the future.
“We continue to offer advice and do all we can to prepare our clients for what may lie ahead and we urge the financial sector and their clients to take this latest round of advice on board as the Brexit journey enters its critical final stages.” Craig Weston - Barrister & Senior Associate
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