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FCA prepares for a no deal Brexit

Sep 12 2019
By
Jonathan Smith

The Financial Conduct Authority (FCA) in the UK has opened an emergency phone line (+44 800 048 4255), as well as a series of specialized information websites that are intended to help the financial sector cope with the possible consequences of a no deal Brexit.

 

FCA also warns UK operating businesses that they will have 15 months  to comply with the new rules in case UK leaves the EU without a deal in the end of October.

 

“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,” Nausicaa Delfas, an executive director at the FCA, said in a statement, adding that ‘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.”

 

Additionally FCA has extended the deadline for all investment funds  and financial service companies to apply for a Temporary Permissions Regime (TPR) until October 30. 

 

Financial companies from the European Economic Area (EEA), which presently operate on the UK market through a passporting license, can now notify FCA that they want to enter the Temporary Permissions Regime and if they are granted permission, latter they will have to apply for a full FCA license.

TAGS: FCA  Brexit  forex 
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