The Financial Conduct Authority (FCA) has just updated its Brexit guidance for the firms it regulates. Anna Tobin reports
The Financial Conduct Authority (FCA) has today refreshed its guidance advising firms what they need to do to prepare for Brexit. Its key message is that firms must make any necessary changes to protect customers from the negative impacts of leaving the EU, whatever the outcome of negotiations. Firms are also being asked to ensure that they communicate all the necessary information to their customers in a clear and fair manner.
For UK firms, particularly those operating within the European Economic Area (EEA), the FCA’s key information highlights its approach to changes to UK legislation, implications for cross-border data sharing, and the consequences of the loss of passporting.
“It is important that firms are finalising their preparations to deal with leaving the EU,” said Nausicaa Delfas, executive director of international at the FCA. “While we appreciate there remains uncertainty, firms should consider the impact of all scenarios on their business, and on their customers. As a guiding principle, we expect firms to adhere to our regulatory standards throughout. To assist firms, we have updated the information on our website.
“The FCA continues to prepare for all scenarios – our focus is to ensure there is as smooth a transition as possible when the UK leaves the EU, and that markets function well.”
The full FCA advice can be found here