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FCA chief says Brexit may impact plans to cut down rulebook

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FCA chief executive Andrew Bailey says a proposal to slim down the regulator’s handbook may be hampered by how the UK decides to leave the EU.

The Financial Times reports a proposal to overhaul the FCA handbook was part of its mission statement document published last month.

Brexit is expected to bring change to financial services regulation. As part of the UK’s negotiations to leave the EU it will have to be decided whether the UK can maintain regulatory “equivalence”, where financial firms outside the EU can sell products and services across the bloc if they have similar regulatory requirements in their home country.

Speaking at a conference on the future of the FCA, Bailey said: “The mission statement is not about Brexit, but with the handbook [proposal] there is a tie-over with what will happen and we do need to think about that.”

Bailey adds he is looking to “future proof “ the regulator as he sets out its priorities and objectives for coming years.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Oh, how convenient !!

    Please stop pointing the finger at other people, and playing the blame game for your own incompetence and poor rules.

    You are independent (as we are led to believe) from any government so man up for crying out loud !

  2. The FCA already manoeuvring to increase it’s complement of bureaucrats!!!

  3. Nicholas Pleasure 18th November 2016 at 11:43 am

    So was the FCA unaware of Brexit when it issued is ‘Mission Statement’ last month.

    Is it just me or are the really the most pointless, wasteful and useless organisation?

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