The FCA plans to absorb Brexit-related costs “where possible”, according to its latest board minutes.
Minutes from the regulator’s 21 and 22 February board meeting say the impact of Brexit will be included in its forthcoming business plan for the year ahead, due to be released imminently.
The minutes say: “It was noted that as further clarity on the EU transition emerged it would be necessary to consider the impact on the budget.”
They add: “The current philosophy was for the organisation to absorb Brexit-related costs where possible and it was felt that this should be made more explicit within the business plan.”
In its September 2017 board minutes, the FCA confirmed it had set up six work streams as a way of internally coping with the work that will come from Brexit.
The regulator set up a dedicated Brexit team after the referendum, called the EU planning and coordination team. It sits within the regulator’s markets policy and international division.
The FCA has said it supports the government’s negotiated transition deal as a way to give more confidence to firms, but is clear that until the point of Brexit, companies should continue to abide by current EU laws impacting the UK market as the regulator continues to assess which aspects it will adopt.