The UK’s financial watchdog will give City firms a 15-month grace period to comply with the new regulatory environment in the event the country leaves the European Union without a deal on March 29. The Financial Conduct Authority has published its “near-final” guidance on what a no-deal Brexit will mean for UK-based financial services firms, including banks, insurers and fund managers. The FCA has included a relief period that will mean firms “do not generally need to prepare now to meet new UK regulatory obligations”. ...
The UK's Financial Conduct Authority will give financial services firms a 15-month period to ensure they comply with new regulatory frameworks following a no-deal Brexit. In the letter, seen by Reuters, it said that banks should be able to continue offering their products and services, but warned of "potential risks for customers in terms of product quality, service or pricing".