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FCA seeks to mitigate Brexit-related risk

Neil Hodge | November 6, 2018

U.K. financial services regulator the Financial Conduct Authority (FCA) has said that it is trying to mitigate as many “cliff-edge risks” as it can as the United Kingdom and European Union stumble on toward a “no deal,” hard Brexit scenario. It admits, however, that “there are some areas that can only be solved by action from the EU.”

In a speech on Monday, 5 November, Nausicaa Delfas, FCA executive director of international, said that while there have been “constructive statements” from the European Securities and Markets Authority (ESMA) and key regulators in France and Germany, “there is more to do” to ensure that financial services operations between the European Union and United Kingdom are not disrupted once Brexit takes place.

Delfas described steps to avoid cliff-edge risks within the United Kingdom to ensure continuity as “unilateral.”

The United Kingdom hopes that an implementation period will be agreed with the European Union, which will ensure that...

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