The UK left the European Union (EU) on 31 January 2020 at 11pm. The FCA has now provided information for firms regarding the Brexit implementation period, which is expected to last until 31 December 2020.
The FCA’s message is that there will be little change for firms during the implementation period. EU law will continue to apply, firms and funds will continue to benefit from passporting between the UK and EEA and any consumer rights and protections that are derived from EU law will remain in place. The FCA has stated that it ‘will continue to keep firms and consumers updated on any changes that will impact them.’
Chief Executive of the FCA, Andrew Bailey has said, “The work the FCA has undertaken, along with government and the Bank of England, ensured the financial services sector was one of the best prepared industries for any of the possible Brexit outcomes. The implementation period gives firms a period of certainty while negotiations are continuing on our future relationship with the EU.”
All firms are reminded that, throughout the year, they should continue to consider how Brexit might impact their business and what action they should take to be prepared for 1 January 2021 when the implementation period ends.
The FCA has webpages dedicated to Brexit, which will provide regular updates, so it’s advisable for firms to keep an eye on these.