FCA Urges Financial Firms To Keep Up Brexit Preparations

Law360, London (December 13, 2018, 6:52 PM GMT) -- The Financial Conduct Authority has published its latest set of guidance to help U.K. banks and insurers prepare for Brexit by encouraging them to consider implications for their business and customers, including putting in place measures to ensure their financial contracts can continue after March 2019.

The FCA told financial firms that conduct business in the European Economic Area under passporting rules — which currently allow U.K. businesses to trade with Europe — that they need to consider how they will continue to service customers that have existing contracts with them after Brexit. Some £26 trillion ($33 trillion) of outstanding uncleared...

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