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UK regulator spells out the next to-do's on Brexit

Publish date: 08 February 2019
Issue Number: 57
Diary: CompliNEWS
Category: General

UK's Financial Conduct Authority (FCA)

The UK Treasury has published draft legislation that would temporarily empower the FCA and the Bank of England/Prudential Regulation Authority (PRA) to make transitional provisions if the UK leaves the EU without an agreement in place. They intend to use this power to ensure that firms and other regulated entities do not generally need to prepare now to meet the changes to their UK regulatory obligations that are connected to Brexit.

They also set out the areas where they would not make transitional provision and consequently expect firms and other regulated persons to start preparing now to comply with these post-exit regulatory obligations.

Full FCA media release

The FCA’s role in preparing for Brexit

The Treasury has published legislation (link is external) to empower the UK financial regulators to make transitional provisions connected to changes to financial services legislation.

Working Smart

By Lee Rossini

Even if a financial advice business currently has people falling over themselves to become clients, most of them will need to attract new clients at some stage during their existence. However, thanks to the compliance requirements and a high degree of commoditization, appearing different in the minds of clients can present something of a challenge. When attempting to attract new clients, the message must take a prospective client from awareness to being signed up as a new client.  The AIDA model is frequently used as the foundation of successful advertising strategies. 


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