Regulation

FCA steps up no-deal Brexit warning for firms

The FCA will be running a series of digital adverts signposting to the FCA Brexit webpages and has set up a dedicated telephone line.

Rozi Jones
|
12th September 2019
FCA new
"We expect firms to ensure they are ready if there is a no-deal. If firms haven’t finalised their preparations, there is a risk they could be impacted."

The FCA says it is "stepping up its efforts" to ensure firms are aware of how to prepare for the potential of a no-deal Brexit, warning that firms who are not prepared "may risk an impact on their business".

The FCA will be running a series of digital adverts signposting to the FCA Brexit webpages and has set up a dedicated telephone line.

It says firms should make themselves aware of any transitional regimes, with deadlines or registration requirements attached to them, that have been put in place by relevant EU Member States.

Firms should also consider any regulatory changes that could apply in the event of no-deal. For example, MiFID II transaction reporting will change and firms should be ready to implement this.

In the event of no-deal there will be a number of changes to the FCA Handbook, the Temporary Permissions Regime will come into force, and the FCA will become responsible for Credit Ratings Agencies and Trade Repositories.

Nausicaa Delfas, executive director of international at the FCA, said: "The FCA has undertaken significant work to prepare for the UK’s departure from the EU. We have published extensive information on our Brexit pages and held events, reaching firms and trade organisations around the country.

"We expect firms to ensure they are ready if there is a no-deal. If firms haven’t finalised their preparations, there is a risk they could be impacted. Firms should consult the information on our website."

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