Telephone 020 3813 2890 for a free no obligation chat about your regulatory requirements with one of our compliance consultants.

© Compound Growth Limited 2012 - 2019 | Terms of Use  Privacy Policy

Registered in England and Wales as limited company number 07626537 - Registered Office 120 Pall Mall, London, SW1Y 5EA

We use cookies, if you consent to this use, please continue to browse our site.

Here to help with Regulation and Compliance

Compound Growth

FCA: Latest on Brexit

Brexit Latest from the Financial Conduct Authority

23rd October 2019

This week the FCA has published transcripts of their latest videos in relation to Brexit and how firms and consumers may be affected.

Over the course of 21 and 22 October, the Financial Conduct Authority has published the following transcripts upon their website:

• How can firms stay informed about Brexit?
• How firms could be affected by Brexit?
• What other issues firms should consider?
• How firms can prepare customers for Brexit?
• What will happen to EEA firms operating in the UK?

In addition, Firms are reminded that the FCA is urging all firms to consider the implications of a no-deal Brexit and finalise their preparations. The FCA offers a dedicated telephone line for Firms that wish to discuss any concerns and will be particularly relevant for firms that:

• are a UK business who 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

The FCA’s telephone line is 0800 048 4255, open weekdays until 5pm.

The first of the FCA’s transcripts covers How Firms Can Stay Informed about Brexit. Here firms are directed to visit the FCA’s dedicated Brexit page that contains extensive information for UK firms, EEA firms and consumers across all sectors as well as information about th steps that firms need to take before and after the UK exits.

The second of the FCA’s transcripts provides information on How Firms Could Be Affected by Brexit. Of course, much will depend upon the types of business that a firm undertakes – a UK firm that only does business within the UK will be much less affected, if at all, than those that deal with businesses in the EEA, and here the FCA provides some examples about what aspects might be affected within a Firm’s business.

One of the latest transcripts helps firms think about how they can help their customers prepare for Brexit. In particular Firms are directed to start thinking about what information your customers need and when they need to receive it, and also ensure that you are ready to respond to any customer queries that you get in an accurate, clear and fair manner.

Finally, EEA Firms are reminded that they will no longer be able to passport into the UK after exit day. Those that wish to continue to do business in the UK will need to notify the regulator and enter the Temporary Permissions Regime beforehand.

Related Reading:

• Brexit Action for Regulated Firms: Is your Firm Prepared?

Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.