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FCA requests fund manager Brexit plans

Regulator takes stock of contingency plans for leaving EU


The FCA has sent letters to the UK’s largest asset management companies requesting information on their contingency plans for Brexit.

The letter contains 30 questions and went to 20 companies, the Financial Times reports.

These include plans to relocate staff or operations, impacts on their capital base and IT systems and whether they’ve applied for new licences from foreign regulators.

It follows a letter sent out from the Bank of England to firms across the City asking for their Brexit plans, including for a ‘no deal’ scenario whereby the UK falls back on WTO rules.

The FCA has set up its own Brexit team to cover the regulatory consequences of leaving the EU.

Twenty-five addition full time equivalent staff have been taken on as “EU withdrawal resources” by the regulator, according to its latest board minutes.



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  1. If some of the banks are any indication it could be that the Brexit plans of some fund managers may will mirror the banks.

    I have a client who is an experienced and skilled IT operative and programmer who has worked for a selection of banks over the last 17 years. She has been out of work since October and hasn’t managed to find a position. She tells me that the reasons given are ‘Brexit’ and their plans to relocate elsewhere.

    The Brexiteers were cock a hoop in the last half of 2016 as the UK led the developed world in growth. The Remain camp were stupid in foretelling Armageddon immediately after Brexit. This wasn’t likely as were still in the ‘phoney’ period when inventories were being run down and the full effects of a tumbling pound had yet to be felt.

    This has now come home to roost and we are now second last (after Italy) in the growth stakes. The pain is beginning and is very likely to get worse. We have an uncertain outcome from the election. Whatever the outcome it will probably result in a mess of the Brexit negotiations.

    Happy days are not going to figure unless you are lucky enough to relocate out of the UK.

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