British Financial Regulator Urges EU Brexit Coordination
Britain’s financial watchdog called on Monday for immediate coordination with European Union counterparts to ensure that Brexit is as smooth and stable as possible for markets, Reuters reports.
The Financial Conduct Authority (FCA) has said financial firms should feel comfortable about relying on a transition deal agreed last month between Britain and the EU.
This covers the period between Britain’s planned departure from the bloc next March and the end of 2020, but EU officials say this was a political deal and will not be legally ratified until at least later in the year.
Firms should therefore press ahead with plans in case of a “hard” Brexit next March, such as setting up new EU hubs.
“It’s important that we have regulatory engagement now because we are dealing with practical issues... and they affect both sides,” FCA Chief Executive Andrew Bailey said.
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