The Brexit saga continues, but what does the FCA expect from you?
At the time of writing on the 17th of October, we sit almost two weeks from the scheduled Brexit day. While it now appears that EU and UK diplomats have made progress on a deal, subject to Parliamentary approval, an awful lot is still left to the wind in terms of what our relationship with the EU will look like post-Brexit. One such suggestion currently being discussed involves Northern Ireland remaining in the customs union, and the rest of the UK leaving on WTO terms. While former Chancellor Phillip Hammond described the plans as a “no deal in all but name”, this shows that the preparations for an unmanaged exit could still have significant impact for both firms located in the UK and in Europe. In the past week, the FCA has sought to provide some degree of clarity on how they expect firms to act in the event of a no-deal or in the event we enter WTO terms with no trade deal by which our financial services industry can be governed across the EEA.