FCA asks firms to keep sharing Brexit contingency plans

9th August 2018

The FCA has written to firms asking them to keep the FCA ‘in the loop’ when it comes to Brexit planning.

In a ‘Dear CEO’ letter, the FCA has stated that it needs to ensure that it can continue to supervise the conduct of firms’ UK businesses effectively, so asks to be consulted before firms takes any decisions on the structures they intend to put in place elsewhere in Europe.

Seemingly aimed predominantly at banks and the how and where they book transactions (called booking models in the letter), there is a read-across to all firms and to which entity’s Profit and Loss (P&L) account a transaction is recorded.

Members can read the FCA letter here.

BIBA members’ compliance and regulation queries should be directed to: [email protected].