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.