FCA calls for Brexit implementation period
Regulator says it prefers the draft withdrawal agreement over no-deal Brexit after impact assessment.
The Financial Conduct Authority (FCA) has warned that a no-deal Brexit would create significant challenges and risks for the UK’s financial services sector.
In a letter to the Treasury Select Committee, FCA chief executive Andrew Bailey highlighted that the challenges would relate to firms’ readiness, potential market disruption and insufficient public-policy solutions put in place on the side of the EU.
“From the perspective of our objectives we strongly support an implementation period and
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