The FCA says the UK must have cross-border market access
The UK must keep cross-border market access and maintain its ability to recruit a skilled workforce, the country’s financial watchdog says.
As part of its new business plan, the Financial Conduct Authority (FCA) has named five principles that will “guide” its advice to the Government as the UK prepares to leave the European Union.
As well as cross-border market access and the ability to recruit and maintain a skilled workforce, the FCA listed cooperation between regulatory authorities, consistent global standards and the ability of the UK to influence the standards that apply to the UK.
FCA chief executive Andrew Bailey said the UK’s decision last June to leave the EU had created “uncertainty for both the UK’s financial industry and the FCA”.
He added:”Both we and the Government are keen to ensure that the financial services industry remains resilient and well-placed to meet users’ needs and thus make the most of opportunities in a post-Brexit world.
“Leaving the EU inevitably creates a higher risk of disruption to our business plan priorities.
“So it is particularly important that we retain the flexibility to respond swiftly should we need to review them further.”
The FCA plan said the uncertainty of the Brexit process could affect the UK and European markets with “potential knock-on effects for the UK economy, tax, balance of payments and the value of sterling”.
But it adds that there is “little information about the form and nature” of negotiations and this “lack of clarity” could lead to “prolonged uncertainty for markets, firms and consumers”.[“Source-sky”]