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.
Dear CEO General Insurance Intermediaries Client Money Arrangements
Michael Senior Compliance FCA, protected, protection, transfer
Following a series of financial resilience surveys and a letter issued in September last year the FCA has issued a Dear CEO letter about adequate client money arrangements, that can be accessed here. The FCA is keen to ensure client money is adequately protected, that firms follow the CASS 5 rules and review arrangement […]