FCA Provides Information for Firms About Brexit Implementation Period

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.

About the author

Ash is Managing Director at RWA. He has over 15 years’ experience in the legal and compliance field and ten years in broker sales and leadership roles in national and global insurance firms.

He is highly skilled in the application of risk-based regulation, working closely with businesses at executive and board level to develop commercially viable, compliant systems and controls. Ash is adept in providing solutions-based interpretations of the FCA’s technical standards and facilitating the transfer of compliance skills and education needed for businesses to self-manage their own compliance and training needs.

Get RWA Insight In Your Inbox

Regular business news and commentary delivered direct to your inbox each week. Sign up here