FCA readies itself for EU withdrawal

The FCA’s contingency plans for dealing with Brexit are starting to take shape.

The regulator has released minutes from a board meeting confirming that it has set up six different work streams within the organisation as a way of internally coping with the work that will come from the UK pulling out of the EU.

It has also set an internal timetable for work relevant for the FCA that will come as a result of current discussion within Government as to when statutory instruments will be laid.

The minutes read: “The board sought assurance about how the organisation would be resourced if the process became condensed and it was confirmed that resources in relation to Brexit would form part of the business planning round discussions.”

The board also noted that the FCA’s “scope of activities” could increase as Brexit moved forward, and said it would continue to receive updates so it could stay ahead on key developments and its timetable.

However, it noted that, within its strategy and competition division, some EU-related workstreams were rated red on its traffic light system.

The FCA set up a dedicated Brexit team last year, which it called the EU planning and coordination team. It sits within the regulator’s markets policy and international division.

The FCA is currently working on strategies to adopt directives like Mifid II and The Second Payment Services Directive into its own rulebook.