UK Finance Responds To Bank Of England And FCA Updates On Transition Period

Responding to the Bank of England and Financial Conduct Authority’s updates today on their regulatory approach to the transition period that forms part of the UK’s Withdrawal Agreement with the EU, UK Finance Chief Executive Stephen Jones said:

“Today’s announcements from the Bank of England and Financial Conduct Authority provide much-needed clarity around the transition arrangements. Both have taken a pragmatic approach to the authorisation of EEA firms and funds operating in the UK that make a significant contribution to our economy.

“The impetus is now on EU regulators to follow suit, and for both sides to work together on cross-border models of supervision that businesses on both sides of the Channel can rely on throughout the implementation period. Without similar assurances from EU regulators, UK-based firms serving customers in the EU will be forced to continue implementing costly contingency plans.”