Your IndustryJul 19 2017

Brexit provides opportunity to reform financial services

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Brexit provides opportunity to reform financial services

The regulator is also keen to know whether asset managers' Brexit contingency plans will affect their capital base or IT systems and whether they have applied for new licences from foreign regulators.

At the start of this month it was revealed FCA chief executive Andrew Bailey has been excluded from Brexit discussions in Europe.

The head of the UK financial watchdog said the FCA had been shut out from certain discussions at its counterpart on the continent, the European Securities and Markets Authority.

Mr Bailey said the UK regulator had been excluded from talks on topics such as the future relationship between the UK and EU and what Esma expects of UK firms looking to operate on the continent.

He told FTAdviser's sister paper the Financial Times: "There are times when they want to discuss Brexit without us being present and there are issues they want to discuss amongst themselves, so we have a bit of shuttling in and then shuttling out."

damian.fantato@ft.com

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