FCA and BoE publish guidance on temporary transitional directions

Industry News | 31/01/20

The FCA has updated its webpage on TTP Directions and its Brexit policy statement (PS19/5). The update confirms that during the implementation period (also known as the transition period), EU law continues to apply in the UK, and as a result the TTP Directions previously made by the FCA did not come into force at 11pm on 31 January 2020. The FCA will update firms on its position for the post-implementation period period in due course.

The BoE has published a webpage stating that BoE and Prudential Regulation Authority (PRA) policy materials, including EU Exit Instruments, Supervisory Statements, and a Statement of Policy will come into force at the end of the implementation period.