Financial Conduct Authority
Information for firms during the Brexit implementation period
On 31 January 2020 at 11pm the UK will leave the European Union (EU) and enter an implementation period, which is due to last until 31 December 2020. During the implementation period, EU law will continue to apply. Firms and funds will continue to benefit from passporting between the UK and EEA. Consumer rights and protections derived from EU law will also remain in place.
There will therefore be no changes to the reporting obligations for firms, including those for MiFIR transaction reporting, under EMIR, and for CRAs, which will continue in line with existing EU regulatory requirements.
The windows for EEA firms to notify us that they want to use the Temporary Permissions Regime (TPR), or for fund managers to notify us of any funds they want to continue to market in the UK under the Temporary Marketing Permissions Regime (TMPR), closed at the end of yesterday (30 January).
Firms and fund managers that have already submitted a notification need take no further action at this stage. We will confirm our plans for reopening the notification window later this year, which will allow additional notifications to be made by firms and fund managers before the end of the implementation period.
Andrew Bailey, Chief Executive of the Financial Conduct Authority, said:
'The work the FCA has undertaken, along with government and the Bank of England, ensured the financial services sector was one of the best prepared industries for any of the possible Brexit outcomes. The implementation period gives firms a period of certainty while negotiations are continuing on our future relationship with the EU.
'The FCA intends to use this time to work with government, the Bank of England, firms and other regulators to ensure the financial services industry is ready for the end of 2020. We will continue to keep firms and consumers updated on any changes that will impact them.'
As things develop during the year, all financial services firms should consider how Brexit will impact their business and what action they need to take to be ready for 1 January 2021 to minimise risks to customers.
The FCA will continue to provide regular updates on our dedicated Brexit webpages, and firms can also call the FCA Brexit information line (0800 048 4255) if they have any further questions.
Latest News from
Financial Conduct Authority
FCA bans and fines financial adviser £68,300 for lacking honesty and integrity15/04/2021 12:20:00
The FCA has banned Simon Varley from working in financial services and fined him £68,300 for knowingly performing a controlled function without approval and for providing investment advice to retail customers when he knew he was not qualified or approved to do so.
Financial Stability Board publishes Peer Review of UK remuneration regime14/04/2021 13:25:00
We have published a joint statement with the PRA welcoming the Financial Stability Board’s (FSB) Peer Review of the UK’s remuneration regime.
FCA publishes Decision Notice against Jon Frensham for non-financial misconduct30/03/2021 10:25:00
The FCA has published a Decision Notice in respect of Jon Frensham (formerly known as Jonathan James Hunt), an independent financial adviser and the sole director at Frensham Wealth Limited.
High Court finds that 24HR Trading Academy unlawfully advised on investments and unlawfully promoted CFD trading29/03/2021 10:25:00
The High Court has delivered a summary judgement in proceedings commenced by the FCA ruling that 24HR Trading Academy Limited (24HR Trading), run by Mohammed Fuaath Haja Maideen Maricar, contravened the Financial Services and Markets Act 2000 (FSMA) by providing unauthorised investment advice to consumers via WhatsApp messages.
FCA reminds consumers financially impacted by coronavirus of the support available26/03/2021 14:10:00
As the deadline to apply for a payment deferral ends on 31 March 2021, the FCA wants to reassure consumers in financial difficulty that support will continue to be available under the Tailored Support Guidance (TSG).
FCA launches campaign to encourage individuals to report wrongdoing24/03/2021 15:25:00
The campaign, 'In confidence, with confidence', encourages individuals working in financial services to report potential wrongdoing to the FCA, and reminds them of the confidentiality processes in place.
FCA warns that younger investors are taking on big financial risks24/03/2021 10:25:00
The Financial Conduct Authority (FCA) yesterday published research findings into better understanding investors who engage in high-risk investments like cryptocurrencies and foreign exchange.
FCA starts criminal proceedings against NatWest Plc16/03/2021 12:20:00
The Financial Conduct Authority (FCA) has today announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under the Money Laundering Regulations 2007 (MLR 2007).