City Regulators Push For 'Unprecedented' Powers In The Event Of No Deal Brexit - Comment From Duff & Phelps

Following the FCA and PRA’s request to Parliament today to create a fully functioning financial services regime in the UK post-Brexit, Nick Bayley, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, comments:

“The FCA’s request for emergency powers from the government is a good start. With the countdown to Brexit fast approaching, the regulator will need to be able to operate swiftly and autonomously in the event of a no-deal scenario. This call for empowerment is much needed, if the regulator is to provide ongoing stability for the industry.

“Upon our departure from the EU, the FCA will be the key policy-maker for the UK financial services industry, rather than the European Commission or ESMA, giving it far greater policy freedom than it has at present. In the longer term, it will be interesting to see how the UK’s approach to regulation might evolve – whether it is encouraged by the government to set out on its own regulatory path, or to continue to mirror closely the EU27’s regulatory framework.“