FCA prioritises Brexit in year ahead

The UK’s financial regulator the Financial Conduct Authority (FCA) plans to spend £2.5 million (€3 million) on Brexit-related expenditure in the coming financial year.

Laying out its spending plans for the year ahead along with a new mission statement, the FCA said it would prioritise support for the government with Brexit, help to support vulnerable consumers and continue its “work on high-cost credit”.

The regulator said £2.5 million of its £527 million annual budget would be spent on a Brexit task force.

Andrew Bailey, FCA chief executive, said: “Leaving the European Union 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 mission [statement] gives firms and consumers greater clarity about how and why we prioritise, protect and intervene in financial markets.”

The FCA said the money will be used to ensure a smooth transition of rules after Brexit and to guarantee that financial regulation continues to operate without interruption.

©2017 funds europe

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