The PRA and the FCA have written to firms preparing for the end of the transition period.
The letter urges firms to continue their preparatory work to ensure they, and their clients, are ready for a range of scenarios at the end of the transition period. The letter also sets out details about the following areas that firms should be focussing on:
- continuity of wholesale banking business and contracts
- trading venues
- provision of retail banking services
- other areas (such as operational continuity of services provided by 3rd parties, safeguarding etc).