FCA requests fund manager Brexit plans
Regulator takes stock of contingency plans for leaving EU - By Jessica Tasman-Jones
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.