How you should prepare for Brexit
The UK will leave the EU without an implementation period on 31 October 2019 unless a deal is approved or a further extension is agreed. We expect all firms to continue to plan for all scenarios, including a no-deal Brexit at the end of October 2019.
We urge all firms to consider the implications of a no-deal exit and finalise their preparations.
You should have plans in place to address any risks for your firm and any impact it could have for your customers.
What you should do if you have further questions
Check our website for more information, which includes information on specific financial service sectors.
We have published a one pager on preparing for Brexit which can be found here.
We have set up a dedicated Brexit telephone line, so you can call us with questions you have about preparing your firm. You can call the Brexit line on 0800 048 4255 during business hours.
The FCA will be running a series of digital adverts signposting firms to our Brexit webpages and our new phone line.
Be aware of relevant EEA transitional regimes and any deadlines
In the event of a no-deal Brexit UK firms doing business in the EEA through a passport will no longer be able to do so.
Whether firms need regulatory permissions to continue to do business in an EEA country will depend on the activity they are carrying on, the local law and the approach of the local authorities in that jurisdiction.
Firms should make themselves aware of any relevant transitional regimes, with deadlines or registration requirements attached to them, that have been put in place by relevant EEA Member States.
A list of dedicated Brexit websites hosted by financial regulators in EEA Member States that we have been made aware of is available on the FCA website. The FCA would draw particular attention to the Luxembourg transitional regime for existing contracts where firms must register by 15 September 2019.
Respond to our consultation
On 6 September, we published a consultation on some further minor or consequential changes to our Handbook and BTS. These will take effect if the UK leaves the EU without a deal on 31 October. Further information and a link to the consultation can be found here. The consultation closes on 4 October 2019.
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