The Bank of England and PRA have today sent letters outlining their intention, following political agreement of a transition period at the spring European Council, to allow firms to continue undertaking their activities during the transition period in much the same way as now.
Responding to the move, Gary Campkin, Managing Director, External Affairs & Strategic Issues, TheCityUK, said,
The Bank of England has taken positive action to support the political agreement on transition made at last week’s spring European Council. This will help to give firms the reassurance that they need to avoid unnecessary and costly actions to prepare for an outcome that might never materialise. We now need European regulators to follow this example, which is critical to ensuring financial stability throughout the Brexit process and transition."