The Financial Conduct Authority has responded to the Treasury Select Committee’s request to provide its assessment of the impact of the UK’s exit from the EU, considering a range of possible scenarios.
The Financial Conduct Authority has responded to the Treasury Select Committee’s request to provide its assessment of the impact of the UK’s exit from the EU, considering a range of possible scenarios.
In a letter to Nicky Morgan MP, Chair of the Select Committee, the FCA Chief Executive Andrew Bailey made clear that the regulator is preparing for all possible outcomes to ensure that relevant markets continue to function well and consumers interests are protected.
The FCA Chief reiterates that an implementation period is preferable to a no-deal scenario to mitigate the risk of an abrupt exit. He also makes clear that from a statutory perspective, it is better to have an implementation period in place to provide a bridge to the new relationship – although any implementation period should be kept to a minimum.
You can read the full 31-page EU Withdrawal Impact Assessment on the FCA website.
