General Insurance Article - Is the FCA Brexit Budget sufficient for the task ahead

Fiona Fry, Head of KPMG’s Regulatory Centre of Excellence comments: on the FCA's Business Plan for 2017/18

 “The FCA’s role in ensuring a smooth Brexit cannot be underestimated. The regulator will play a central role in transferring EU rules into UK law, ensuring the UK’s regulatory framework remains globally renowned and providing technical support to government. Many will be asking if the £2.5m Brexit budget announced today matches the enormity of the task. The FCA already has a lot of important work on its plate so any shift in its priorities to accommodate Brexit will be challenging to execute.

 “It is evident from the FCA’s Brexit principles that it is keeping the UK market at the forefront of its priorities, however, some principles refer to ‘co-operation between regulators’ and maintaining ‘consistent global standards’ showing that the regulator acknowledges the fate of the UK market is not completely within its own control. Additionally, the potential ramifications of a general election taking place on 8th June should not be overlooked. The election result has the potential to markedly impact the Brexit process as the government seeks to strengthen its mandate for negotiations.

 “Whatever the outcome, the FCA will have two years to ensure the UK financial market remains stable and strong as we prepare to play an independent role in the global economy. The FCA’s business plan will hopefully form a reliable bedrock for that work.”

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