FCA warns about preparation for no-deal Brexit scenario
Regulatory Updates | 11/09/19
The Finanical Conduct Authority (FCA) has stepped up efforts to ensure firms are prepared for the eventuality of a no-deal Brexit. The FCA will be running a series of digital adverts, urging firms to consider the implications of a no-deal scenario on their business, and finalise their preparations. This is particularly relevant to firms that:
• are a UK business with any business in the EEA
• passport into the UK and have not yet notified the FCA for entry into the Temporary Permissions Regime (TPR)
• have customers in the EEA
• transfer personal data to or from the EEA.
In the event of a no-deal exit, changes will be made to the FCA Handbook, the TPR will take effect, and the FCA will become responsible for trade repositories and credit ratings agencies.