The regulator is stepping up its efforts to ensure firms are aware of what they need to do prepare for the potential of a no-deal Brexit.
Brexit will result in the loss of passporting for UK firms doing business in the EEA. Whether firms need regulatory permissions to continue to do business in an EEA country will depend on the activity they are carrying on, the local law and the approach of the local authorities in that jurisdiction.
The FCA is urging all firms to consider the implications of a no-deal exit and is particularly relevant for firms that:
are a UK business which does any business in the EEA
passport into the UK and have not notified the FCA for entry into the Temporary Permissions Regime
have consumers in the EEA
transfer personal data from the EEA
Nausicaa Delfas, Executive Director of International at the Financial Conduct Authority said:
'The FCA has undertaken significant work to prepare for the UK’s departure from the EU. We have published extensive information on our Brexit pages and held events, reaching firms and trade organisations around the country.
'We expect firms to ensure they are ready if there is a no-deal. If firms haven’t finalised their preparations, there is a risk they could be impacted. Firms should consult the information on our website."