In a speech delivered today at the 3rd UK Financial Services Brexit Summit, Nausicaa Delfas, Executive Director of International, Financial Conduct Authority (FCA), said that over 1,300 EU firms and funds had already expressed an interest in joining the FCA’s temporary permissions regime in the event of a no-deal Brexit.
Commenting on the speech, Miles Celic, Chief Executive Officer, TheCityUK, said:
Whatever the final outcome of the Brexit negotiations, the UK’s pivotal role as Europe’s financial centre and a gateway to international markets will not change. This is demonstrated by the keen interest that EU firms have shown in making sure they do not lose access to London in the event of a no-deal Brexit.
In the unwelcome event that there is no deal, UK regulators are taking the appropriate actions necessary to make sure financial markets can continue to operate in an efficient and stable way. It is now time for EU regulators to provide details of their own approach. This is overwhelmingly in the interests of European consumers, and it is vital to ensuring wider global financial stability.