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21.03.2019 18:21

UK watchdog urges EU financial firms to take no-deal Brexit action

Asset managers and other financial firms from the EU have only a week to register with UK regulators to continue operating in Britain in the event of a no-deal Brexit, a senior regulator said.

Nausicaa Delfas, executive director of international at the Financial Conduct Authority, said notifications from EU firms who want to continue serving UK customers must be received by March 28, the eve of Britain's scheduled departure from the bloc. Delfas said over 1,000 EU financial firms have notified the watchdog that they want to make use of Britain's "temporary permissions regime".

This allows them to continue operating in Britain for up to three years if Britain fails to secure a Brexit deal with Brussels, giving them time to apply for a new licence.


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