Regulator calls on financial services market to submit applications before 28 March. Today (21 March) at the City & Financial 4th UK Financial Services Brexit Summit, FCA Executive Director of International, Nausicaa Delfas told brokers and financial services providers operating in the EU to register with the organisation’s bespoke post-Brexit regimes. The programmes have been created alongside Her Majesty’s Treasury (HMT) and the Bank of England to help insurance firms to cope with the end of passporting. Delfas commented: “As you know, if we leave the EU without a deal, passporting will end.
“To prepare for this, we, together with HMT and the Bank of England, have introduced new regimes such as the Temporary Permissions Regime (TPR) and the Financial Services Contracts Regime (FSCR).”
Operation According to the FCA the TPR will allow EU firms and funds that currently passport into the UK to continue operating in the UK if the UK leaves the EU with no deal, and passporting stops. Firms which have not notified the FCA that they wish to enter the TPR but need UK permission to perform their existing contracts, will automatically fall within the FSCR regime. Firms need to apply to enter the TPR by the end of next Thursday (28 March) Delfas told the summit: “So far over 1,000 EU firms and fund managers representing many more thousand funds have already decided to enter our TPR regime and seek to continue to do business in the UK after exit.” She continued and said that EU firms “will have 15 months to transition to most of the changes brought about by the onshoring of EU law into UK law.”
The speech comes weeks after the watchdog was granted temporary transitional power to delay changes made as part of the EU Withdrawal Act. Delfas concluded: “Our international engagement does not diminish with Brexit: in fact, it only increases with importance – now more than ever it is vital that we have strong links with our international counterparts, help shape global international standards, and explore new options for market access and regulatory co-operation and recognition.”
This article is care of www.insuranceage.co.uk
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