There might be a deal. There might not be. It might happen at the end of October – or it might not! Either way, the FCA has prepared information to help firms prepare. You can access that information here.
Passporting
The FCA has made transitional arrangements for non-UK firms to continue operating in the UK post-BREXIT. Unfortunately, to date, the EU has not reciprocated and UK firms that wish to do operate in the EU/EEA post-BREXIT will need to contact the relevant regulator in the countries where services are provided to identify what is required to be able to provide those services after BREXIT.
The EU/EEA countries are Austria, Belgium, Bulgaria, Croatia, Cyprus (Republic of), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
Details of all regulators in the EU/EEA can be found here.
A list of dedicated Brexit websites hosted by financial regulators in EEA Member States is available on the FCA website. The FCA has drawn particular attention to the Luxembourg transitional regime for existing contracts where firms must register by 15 September 2019.
Pension Transfer charging
Alistair MacDougall Compliance abridged, FCA, P1, Pension, Pension Transfer, PI, transfer
Policy Statement PS 20-06 stated that a firm providing pension transfer advice “… may also not charge less than it would charge for investment advice of the same value”. That seems clear enough, but the rule that gives effect to this statement is subtly different. COBS 19.1B.7 states: “A firm should not charge less […]