The FCA has published updated information to help support regulated firms in finalising their preparations for the UK leaving the EU.
The FCA is urging firms to ensure they are making any necessary changes to protect customers from negative impacts of leaving the EU, whatever the outcome of negotiations, for example, in the event of a no-deal Brexit. Firms are also being reminded to consider what information needs to be communicated to their clients, and how this will be done in a way that is clear, fair and not misleading.
For UK-based firms, particularly those operating within the EEA, the FCA information highlights the FCA’s approach to changes to UK legislation, implications for cross-border data sharing, and the consequences of the loss of passporting as some of the main issues that have to be dealt with.
Specific information is available for firms operating in the UK in five key sectors:
- banking and payments
- life insurance, pensions and retirement income
- general insurance
- retail investment
- wholesale banks, markets and asset managers