FCA launches consultation on the regulation of international firms

As the Financial Conduct Authority (FCA) considers its post-Brexit approach, it has launched a consultation on the future authorisation and supervision of international firms operating in the UK.

This will be relevant to EEA (European Economic Area) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime, as well as firms from non-EEA countries that have applied or intend to apply for authorisation in the UK, or are already authorised in the UK.

Nausicaa Delfas, Executive Director of International at the FCA, said: “With the Brexit transition period due to end on 31 December 2020, firms that have registered for temporary permission will need to consider plans for full authorisation. We are setting out our expectations for the future authorisation and supervision of international firms, to ensure appropriate protection for users of financial services.”

The consultation will run until 27 November 2020.

All feedback received will form the basis for the FCA’s final statement on their approach to international firms. We will continue to monitor the process closely and will update our clients and contacts once the consultation process is complete.

Further information, including a link to the consultation document, can be found here.