The FCA prepares for a no deal Brexit

The Financial Conduct Authority (FCA) in the UK has opened an emergency phone line (+44 800 048 4255), as well as a series of specialized information websites that are intended to help the financial sector cope with the possible consequences of a no deal Brexit.

FCA also warns UK operating businesses that they will have 15 months to comply with the new rules in case UK leaves the EU without a deal in the end of October.

“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,” Nausicaa Delfas, an executive director at the FCA, said in a statement, adding that ‘We expect firms to ensure they are ready if there is a no-deal. If firms haven’t finalised their preparations, there is a risk they could be impacted. Firms should consult the information on our website.”

Additionally FCA has extended the deadline for all investment funds and financial service companies to apply for a Temporary Permissions Regime (TPR) until October 30

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