Menu
Preparing for BREXIT

There might be a deal. There might not be. Either way, the FCA has done quite a lot of work in preparation for BREXIT and you can access that information here.

The information includes a guide for firms in preparing for BREXIT.

The FCA has made arrangements for non-UK firms to continue operating post-BREXIT. Unfortunately, to date, the EU has not reciprocated and UK firms that currently passport services into an EU or EEA country, or who wish to do so, 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 at the end of March 2019. 

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.

Don’t forget to check Our View about this article and the Actions Required By You

Preparing for BREXIT

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Alongside all the political high drama surrounding BREXIT, life goes on. Firms should refer to the FCA guidance to identify any action that is required. Firms that only do business with retail clients based in the UK are unlikely to see much change in the short term. But firms currently passporting services into the EU/EEA need to act soon to identify what the relevant EU/EEA regulators require for those activities to continue.

Action Required By You

  • Review the FCA BREXIT information to identify how your firm is affected;
  • If required, contact the relevant EU/EEA regulators to ensure that services provided in EU/EEA countries can continue;
  • Speak to your ATEB consultant for more assistance, or contact ATEB.
SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Product Enhancements

Regulatory Change – Proposed Changes to the Normal Minimum Pension Age

Suitability , , , , , , , ,

We have made a change to ATEB Suitability following a recent regulatory development.     What does this mean for me? Following the Draft Finance Bill published on 20 July 2021, we have updated the wording of our ‘Proposed changes to Normal Minimum Pension Age (NMPA)’ section within the ‘Retirement Advice’ page of the main […]

Read More
Woman in gray blazer sitting in front of gray laptop computer

Recording client meetings

Compliance , , , , , , , , , , ,

Since MiFIDII came into effect in 2018, it has been a requirement on firms to take reasonable steps to record all telephone calls, and keep a copy of electronic communications, that relate to the activities in financial instruments referred to in SYSC 10A.1.1R(2) (and that are not excluded by SYSC 10A.1.4R), and that are made […]

Read More
https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

FCA survey – reply dates extended

Compliance , ,

We wrote with details of the latest FCA survey. You can read those details here. The FCA has now extended the response dates as indicated below.     “On 19 July 2021, we sent the below e-mail informing you of our plans to issue a Covid-19 Impact Survey to firms in Tranche 1 for a […]

Read More
Brown rock formation under white and blue cloudy sky

Sustainable investing – a wild frontier?

Compliance , ,

We have written before about ‘ethical’ or ‘sustainable’ investing, most recently here, in recognition of the increasing presence of and interest in ESG funds. The rules that were to have been implemented this year, requiring advisers to consider clients’ sustainable investment preferences, did not materialise as a result of the UK withdrawal from the EU. […]

Read More
Child playing with an abacus and learning to count

Pension transfer advice – personalised charges

Compliance , , , , , , ,

“I’ve started so I’ll finish …”.  A well known catchphrase first coined by Magnus Magnusson, the original presenter of the BBC’s long running Mastermind show and continued by his successor, John Humphreys. The FCA seemed to pick up on the concept in the pension transfer rules that came into force in April 2018. If the […]

Read More
Load More