FCA reminds firms to be ready for end of transition period
The Financial Conduct Authority has reminded firms to be ready for the end of the Brexit transition period in one month’s time.
When the transition period ends at 11pm on 31 December, firms will need to be prepared for a number of changes to the regulatory environment in which they operate according to the FCA.
EU laws will no longer apply and passporting will end.
To help firms prepare, the FCA has published information on its website setting out the key issues firms need to focus on.
The FCA is making use of a temporary transitional power to provide firms with more time to comply with the large number of changes.
The FCA has set out in detail considerations to help firms understand if or how they will be affected and what action they may need to take.
Nausicaa Delfas, executive director of International at the FCA, said: “With just a month to go until the end of the transition period, firms need to make sure they are prepared for the end of passporting, and for the new financial services landscape after the end of the transition period.
“To help minimise disruption, we have onshored EU legislation and established temporary regimes to allow non-UK firms and funds to operate in the UK after 31 December 2020.
“We remain committed to open markets, international co-operation and high international standards of regulation.”