Government confirms extension of TTP

In a statement to Parliament, Lord Agnew of Oulton, the Minister of State, has noted a statement from Treasury that it expects “in general” the same laws and rules to apply as the transition period ends, it will extend the regulators’ Temporary Transitional Power to allow flexibility for 2 years after the end of the transition period, regardless of what may be agreed this year.  This will allow the BoE, PRA and FCA to phase-in required changes to regulatory requirements.