Brexit has 'significant implications' for the UK, says FCA

Brexit “has significant implications for the UK", the Financial Conduct Authority warned on Friday.

The financial regulator said it was in very close contact with the firms it supervises as well as the Treasury, the Bank of England and other UK authorities, monitoring developments in financial markets.

The FCA pointed out that much of the financial regulation currently applicable in the UK derives from EU legislation.

This regulation will remain applicable until any changes are made, which will be a matter for government and Parliament.

“Firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect.”

The FCA said consumers’ rights and protections, including any derived from EU legislation, are unaffected by the result of the referendum and will remain unchanged unless and until the government changes the applicable legislation.

“The longer term impacts of the decision to leave the EU on the overall regulatory framework for the UK will depend, in part, on the relationship that the UK seeks with the EU in the future. We will work closely with the Government as it confirms the arrangements for the UK’s future relationship with the EU.”