General Insurance Article - FCA releases updated guidance on EU departure preparations


The Financial Conduct Authority (FCA) has published updated information to help support regulated firms in finalising their preparations for as smooth a transition as possible when the UK leaves the EU.

 It is urging firms to ensure they are making any necessary changes to protect customers from negative impacts of leaving the EU, whatever the outcome of negotiations – for instance, in the event of a no-deal Brexit. Firms are also being reminded to consider what information needs to be communicated to their customers, and how this will be done in a way that is clear, fair and not misleading.

 For UK-based firms, particularly those operating within the European Economic Area (EEA), the FCA information highlights the FCA’s approach to changes to UK legislation, implications for cross-border data sharing, and the consequences of the loss of passporting as some of the main issues that have to be dealt with.

 Specific information is available for firms operating in the UK in 5 key sectors:

 banking and payments
 life insurance, pensions and retirement income
 general insurance
 retail investment
 wholesale banks, markets and asset managers

 Nausicaa Delfas, Executive Director of International at the FCA, said:'It is important that firms are finalising their preparations to deal with leaving the EU. While we appreciate there remains uncertainty, firms should consider the impact of all scenarios on their business, and on their customers. As a guiding principle, we expect firms to adhere to our regulatory standards throughout. To assist firms, we have updated the information on our website.

 'The FCA continues to prepare for all scenarios – our focus is to ensure there is as smooth a transition as possible when the UK leaves the EU, and that markets function well.'

 For more information, visit our webpage on preparing your firm for Brexit.

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