Wednesday April 11, 2018
Wednesday April 11, 2018
The Business Plan recognises that they will have to be more flexible within the next year and, therefore, the FCA’s priorities for 2018/19 are as follows.
Andrew Bailey, the Chief Executive of the FCA, has advised that the work necessary to put all the withdrawal legislation into place is advancing well, especially with regards to making the FCA ‘rulebook’ fit and operational on the first day of Brexit and assessing the impact of transitional arrangements on the UK’s regulated firms and their users. As is to be expected, this is an extensive piece of work which will be taken forward into the year ahead.
The FCA is also working closely with the UK Government to provide support and technical assistance and advice with EU negotiations and legislation to be introduced by the Government. In combination with this, the FCA will continue to work closely with regulators in the EU to ensure that any risks that could materialise during the transition are mitigated.
Looking forward into a post-Brexit world, it’s important that the UK doesn’t become isolated. Therefore, the FCA will continue to work with regulatory authorities across the EU and globally to ensure suitable supervisory cooperation and information sharing regarding firms, markets, policies and future regulatory regimes.
Key pieces of work for the FCA in 2018/19
In addition to the workaround Brexit, the FCA does have a substantial ‘business as usual’ agenda. This includes:
So, as you can see, a busy year ahead for the FCA. It is expected that much of what is mentioned here will continue to be a priority in future business plans. This is likely to include Brexit as, although the UK should have officially left the EU by this point, there will still be a transition period which the FCA may be required to assist with.
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