BoE and FCA update on Brexit approach

BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit.

BoE has published a series of materials setting out its updated plans to its supervisory approach to a hard Brexit. The papers cover:

  • transitional relief for firms that will broadly (with exceptions) last for 15 months from exit day;
  • the PRA’s approach to changes to PRA rules and binding technical standards; and
  • roles and responsibilities the BoE will take on from exit day.

FCA has published PS19/5: Brexit Policy Statement.  This contains near final rules and guidance, including Binding Technical Standards and responses to feedback received on the FCA’s Brexit consultations.  As with the BoE’s publications, the FCA has also set out information on how it intends to use its transitional relief powers.

The final instruments will be published on 28 March 2019, if the UK is to leave the EU on hard Brexit terms.