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Commenting on today’s FCA announcement, publishing its updated rules that will apply to firms at the end of the Brexit transition period, Mark Turner, Managing Director, Compliance and Regulatory Consulting at Duff & Phelps says:
“Today’s announcement from the FCA comes with no great surprises for firms and regulated persons who must comply with FCA regulation. The FCA is doing all they can to ensure a smooth transition, with no sudden divergence from the EU rulebook on day one.”
“The extension of the Temporary Transitional Power (TTP) until March 2022 will come as a relief to those needing to meet the new obligations brought about by onshoring and allow for a smoother transition for those affected.”
“The FCA has also made it clear that they don’t expect the TTP to be abused, for example by allowing firms to apply lower standards in key areas than firms already regulated as UK entities. Those firms making use of the TTP should therefore review their obligations in these areas – including transaction reporting, client assets, payment authentication – as a matter of priority, as they will need to be compliant by 31st December 2020, less than 3 months from now.”
