The FCA has reminded firms to be ready for the end of the transition period in one month’s time. When the transition period ends at 11pm on December 31, firms will need to be prepared for a number of changes to the regulatory environment in which they operate. EU laws will no longer apply and passporting will end. However, the FCA is making use of its Temporary Transitional Power to provide them with more time to comply with a large number of the changes.
“Firms need to make sure they are prepared for the new financial services landscape after the end of the transition period,” says Nausicaa Delfas, Executive Director of International at the FCA. “To help minimise disruption, we have onshored EU legislation and established temporary regimes to allow non-UK firms and funds to operate in the UK after December 31, 2020.”