View more on these topics

FCA deepens preparations for no-deal Brexit

The FCA has published a second consultation paper on how it will ensure continuity in the regulatory regime regardless of the outcome of Brexit.

In the event the UK leaves the EU without a deal, the FCA says, the Treasury would treat EU member states in the same way it treats non-EU member states. However, it has said it will diverge from this approach to ensure there is a functioning regime for firms and regulators in place after 29 March 2019, to protect existing rights of UK consumers, and to ensure financial stability. The FCA says, for the sake of consistency it is taking the same approach.

In October, the FCA’s first consultation focused on the temporary permissions regime which allows the continuation of European firms and funds passporting into the UK for a limited period after 29 March, and amendments to the FCA Handbook around its responsibilities.

The most recent consultation, which is accepting comments until 21 December, looks at amendments to the Handbook and Binding Technical Standards (BTS).

The consultation, published last week, continues to consider the Handbook’s Temporary Permissions regime along with amendments to the new Credit Rating Agency and Trade Repository regimes and the FCA approach to non-Handbook guidance.

FCA executive director of international Nausicaa Delfas says: “The FCA is preparing for a range of scenarios.  We have published further proposals to prepare for the possibility the UK leaves the EU in March 2019 without an implementation period.

“Our aim is to provide certainty and confidence for firms operating in the UK. These proposals will ensure we have a robust regulatory regime from day one, and a smooth transition for EEA firms and funds currently passporting into the UK.”

Recommended

EU-Flag
2

Brexit delay could cause property dip: Haart

Estate agency Haart has warned that extended Brexit negotiations could cause property transactions to dip by 20 per cent in 2019. Haart’s figures show that buyer registrations are up by 37 per cent, but Brexit uncertainty is holding back transaction levels. Haart chief executive officer Paul Smith says: “Despite negative Brexit rhetoric from Westminster and […]

Bridging Watch: Brexit stokes funding fears

Security of funding under the spotlight as uncertainties persist. I know it is a tired topic but, as positive and optimistic as I am about the future of specialist finance in this country, it is true that Brexit is causing a huge amount of uncertainty in the sector. In the past couple of months, we […]

FCA logo new 3 620x430

FCA proposes price cap on rent-to-own firms

A price cap on firms in the rent-to-own sector will be introduced from April next year, the Financial Conduct Authority has proposed. The regulator says the cap, which is subject to consultation, will provide protection for some of the most financially vulnerable people in the UK. Planned to come into force as of 1 April […]

1

FCA’s Woolard warns of “unintended consequences” in later life lending

FCA executive director of strategy and competition Christopher Woolard has given a speech at the UK Finance annual mortgage conference in which he highlighted the rise of relatively younger borrowers in the later life lending sector. Coming on the back of the interim findings of the Mortgage Market Study, which were released in May of […]

Newsletter

News and expert analysis straight to your inbox

Sign up