The Financial Conduct Authority (FCA) has announced today that it has published its EU Withdrawal Impact Assessment.
The Treasury Select Committee requested the FCA to assess the impact of the UK’s exit from the EU across three areas:
- The UK leaves the EU without an agreement either on 29 March 2019 or after the transitional period on 31 December 2020
- The draft Withdrawal Agreement
- The outline of the political declaration on the framework for the future relationship between the EU and the UK.
The FCA takes no position on the UK’s withdrawal from the European Union as such. Nor does the regulator advocate a particular approach to withdrawal.
Instead, the FCA assesses Brexit and what might happen over the coming months strictly through the lens of achieving its strategic objective to ensure that relevant markets function well, and its specific operational objectives – to protect consumers, enhance market integrity and promote competition.
The FCA has also published its letter from Andrew Bailey, FCA Chief Executive to Nicky Morgan MP, Chair of the Treasury Select Committee.