On 20 December 2019, the FCA published a new webpage containing a statement addressing what a Brexit implementation period would mean for the FCA, firms and consumers once the UK leaves the EU with a withdrawal agreement on 31 January 2020.
The FCA explains that during the implementation period, EU law will continue to apply in the UK. Therefore, ‘passporting’ will continue as well as consumer rights and protections derived from EU law. Additionally, any new EU legislation that takes effect before the end of the implementation period (31 December 2020) will also apply in the UK.
The FCA expects firms to consider how the end of the implementation period will affect their business and customers, and what action they may need to take to be ready for 1 January 2021.