FCA announces grace period for firms to comply with EU rules in case of ‘no-deal’ Brexit

With only four weeks left until the United Kingdom leaves the European Union, the Financial Conduct Authority confirmed yesterday that in the event of a ‘no-deal’, firms will have a 15-month grace period to comply with EU rules that have been incorporated into domestic legislation. This is to alleviate any knock-on effects and provide businesses with ‘breathing space. This comes as Mark Carney, governor of the Bank of England, in an interview with the reassured families and small firms that “we’ve got your back on the financial system”, emphasising that banks, insurance companies and the infrastructure behind these markets have been preparing for Brexit since the referendum. However, Carney cautioned that there are limits to what the Bank can do to ease the effects of a hard Brexit, but added that “we will do what we can”.

Source: UK Finance
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