Ash was Managing Director at RWA from 2018. He had 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. Sadly, Ash passed away suddenly in August 2021.
FCA Urging Firms to Prepare for a No-Deal Brexit
The FCA has recently increased its efforts to ensure that firms are prepared for the possibility of a no-deal Brexit.
Recent months have brought unprecedented political uncertainty and the outcome of Brexit remains unknown. Nonetheless, the FCA is now urging firms to consider how a no-deal scenario might impact their business and to plan for this.
Preparing for a no-deal exit will be particularly relevant for firms that:
- are a UK business which does any business in the EEA
- passport into the UK and have not notified the FCA for entry into the Temporary Permissions Regime
- have consumers in the EEA
- transfer personal data from the EEA
There will be numerous considerations in the event of no-deal, including changes to the FCA Handbook, the Temporary Permissions Regime coming into force, and the FCA taking on responsibility for Credit Ratings Agencies and Trade Repositories.
The regulator has set up a dedicated telephone line for firms regarding Brexit (0800 048 4255) and continues to signpost firms to its dedicated Brexit pages. Although much uncertainty remains around Brexit, it is important that firms begin to consider how they might be affected, particularly if they fall into any of the categories listed above.