Parliament might be prorogued, and clarity on Brexit might still seem an unobtainable goal, but the FCA’s enthusiasm is far from waning. Keen to apply pressure on firms, the FCA is ramping up their efforts to help companies prepare for the impending 31 October deadline.
In their recent press release, the FCA announced that they have set up a dedicated Brexit telephone line and a specific series of Brexit adverts to encourage firms to prepare for a no deal Brexit.
Following on from the FCA’s effort with the government to implement the Temporary Permissions Regime, the FCA wants firms to get better at complying with regulations in different EEA states. After Brexit, the rules around whether a firm can trade in an EEA country will factor in the local law of the area and the type of activity they are carrying out. In order to consolidate the various legislations of EEA countries, the FCA has created a list of state regulators and stated immediate steps that firms may need to take.
The FCA’s responsive communication is in stark contrast to other supervisory bodies in UK, including Parliament itself. Firms that are looking for some guidance amongst the Brexit chaos can turn to the FCA to find some solace.Contact Us