UK regulator puts Brexit at top of priority list

Wednesday, 17. April 2019 09:14

Supporting a smooth transition upon the United Kingdom's withdrawal from the European Union, maintaining market integrity, consumer protection and competition were highlighted as the most important items in the business plan for the current fiscal year published on Wednesday by the Financial Conduct Authority, or FCA. The panel stressed the period of uncertainty has been "considerable" already and vowed to work with counterparts from other markets. The Brexit impact on the industry and consumers will be assessed, it added.

The financial services watchdog said conditions and consumer needs are changing "rapidly" and pointed to the need for rules to keep pace. The environment will be made "more dynamic, agile and efficient," according to chief executive Andrew Bailey. Changes translate to risk in case of "gaps in global regulation" or coordination, the document adds. FCA promised it would "minimize the burden on firms moving to a new regulatory regime" from the European Economic Area.

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