FCA publishes final rules on Brexit

FCA publishes final rules on Brexit

The Financial Conduct Authority has made final its rules for a no-deal Brexit, including an extension to the notification window for companies who wish to join the regulator's post-Brexit regime. 

In February the regulator published near-final guidance to apply in the event the UK leaves the European Union without a deal in place and today (March 29) it published its final rules under powers granted to it by the government's EU (Withdrawal) Act. 

Included in these rules is a confirmation that customers of EEA firms in the temporary permissions regime will have cover under the Financial Services Compensation Scheme equivalent to that available for customers of other UK authorised firms.

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The final rules published today are largely unchanged from the near-final versions, but they will now commence on ‘exit day’, rather than 11pm on March 29. 

The FCA also confirmed it has extended the notification window for firms who wish to enter the temporary permissions regime until April 11, 2019. 

Nausicaa Delfas, executive director of international at the FCA, said: "The documents published today are the final stages in our preparations in the event that the UK leaves the EU without an implementation period: they ensure that firms have certainty of the financial regime they will be operating within, and so can plan accordingly to meet the needs of their customers."

Last week Ms Delfas said the FCA will advise HM Treasury on post-Brexit trade deals with countries outside of the European Union, in what is set to be a "relatively new" area for the regulator.