On 13 December 2018, the FCA issued a short update on its website concerning firms’ preparations for Brexit.
The FCA states that it has updated its webpage on firms’ preparations for Brexit on some key areas:
- contract continuity – firms that do business in the EEA under a passport are reminded that they need to consider how they will continue to service customers with existing contracts after Brexit;
- execution of firms’ contingency plans – firms are reminded that they should consider their clients’ best interests when executing their plans;
- data sharing – firms are reminded of the importance of considering whether they transfer person data between the UK and EEA. The FCA expects firms to consider what contingency plans may be necessary; and
- customer communications – firms are reminded of the importance of considering what communications to customers will be necessary to explain how Brexit might affect them.