The Financial Conduct Authority (FCA) has set up a new team dedicated to Brexit.
New Model Adviser® understands the unit, which is called the EU planning and coordination team, will be charged with managing the regulator’s response as negotiations to leave the EU progress.
The team is currently being set up and will be part of its markets policy and international division. It will ultimately report into FCA chief executive Andrew Bailey.
The markets policy and international division was set up in an internal restructure at the FCA in December 2014 to ‘focus on increasing the FCA’s focus and influence on the European stage.’
According to a source familiar with the situation, the regulator has begun a recruitment drive for the EU planning and coordination team.
The FCA declined to comment on how many staff it was looking to hire for the team.
In a statement in the aftermath of the vote to leave the EU, the FCA said that much of the UK’s financial regulation was derived from EU legislation, and that Brexit has ‘significant implications’ for the UK.
‘Firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect,’ the regulator said.
‘The longer term impacts of the decision to leave the EU on the overall regulatory framework for the UK will depend, in part, on the relationship that the UK seeks with the EU in the future. We will work closely with the Government as it confirms the arrangements for the UK’s future relationship with the EU.’
Source: Citywire