FCA sets up telephone line for no-deal Brexit preparations
The Financial Conduct Authority (FCA) has set up a telephone line to help firms prepare for a no-deal Brexit.
The FCA will be running a series of digital adverts signposting to its Brexit webpages and is urging all firms to consider the implications of a no-deal exit and finalise their preparations.
Nausicaa Delfas, executive director of international at the FCA, said: “The FCA has undertaken significant work to prepare for the UK’s departure from the EU.
“We have published extensive information on our Brexit pages and held events, reaching firms and trade organisations around the country.
“We expect firms to ensure they are ready if there is a no-deal.
“If firms have not finalised their preparations, there is a risk they could be impacted.
“Firms should consult the information on our website.”
The FCA, working with the government, has put in place a number of measures to minimise the potential for disruption, for example Temporary Transitional Powers and the Temporary Permissions Regime.
The FCA highlights that firms should make themselves aware of any transitional regimes, with deadlines or registration requirements attached to them, that have been put in place by relevant EU member states.
The association also recommends firms considering any regulatory changes that could apply in the event of no deal.
In the event of no-deal there will be a number of changes to the FCA handbook, the Temporary Permissions Regime will come into force, and the FCA will become responsible for credit ratings agencies and trade repositories.
The FCA’s dedicated telephone line is 0800 048 4255.