FCA reminds firms to be ready for Brexit

FCA has reminded firms they have less than a month before the end of the transition period. It highlights:

• the changed rules that will apply from 1 January 2021, which are not subject to the Temporary Transitional Power; and
• the end of passporting, and the need for firms to be sure they can legally carry on cross-border activities – and that they must ensure the right outcomes for customers and provide them with timely communications to help them make decisions.

UK Finance has also reminded firms that they should:

• check they have the right qualifications for the jurisdictions in which they operate;
• check they have fully appreciated the effects of Brexit on data transfer; and
• check whether travelling employees will need visas or work permits.