The team of Brexit lawyers hired by the FCA will cost almost all of the £2.5m the regulator has said it must raise to prepare for the UK’s exit from the EU.
Earlier this month FCA chief executive Andrew Bailey said the regulator has hired 15 extra lawyers to help with the technical work involved in transposing EU rules into UK law, adding that the FCA has been shut out from talks with the European Securities and Markets Authority on issues such as the future relationship between the UK and the EU.
The lawyers levying the fees are tasked with assessing thousands of pages of European financial services law to ascertain what can be replicated and what needs to be re-written to ensure a smooth transition through Brexit, The Times reports. There are 12,000 EU regulations in force in the UK and 1,000 new pieces of legislation may be needed.
Bailey said: “We are having lawyers go through page by page to say which elements will be inoperable if you just dumped them into UK legislation because they relate to different institutions and organisational structures.”