Firms' Brexit contingency plans may lead to difficulties, says FCA

Brexit

CEO Andrew Bailey states firms making plans before knowing the outcome of Brexit negotiations may find themselves in a difficult situation.

Andrew Bailey, chief executive officer of the Financial Conduct Authority (FCA), highlighted the importance of an agreement on a transition period in terms of Brexit, at the regulator’s annual conference on 18 July.

According to Bailey, because the majority of firms have already put their contingency plans for Brexit in place, they might experience difficulties when the terms of the Brexit deal are agreed.

“I do think it [an agreement on a transition period] is important because otherwise

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