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FCA informs firms to continue abiding by EU regulations

FCA informs firms to continue abiding by EU regulations

The Financial Conduct Authority (FCA) has reminded firms that they must still abide to their obligations to rules under European Union (EU) law despite the UK public voting in favour of leaving.

The regulator said it is currently working with the Treasury, the Bank of England and other UK authorities to monitor the developments in the financial markets as a result of the vote in favour of leaving the EU.

Regulations such as the EU Mortgage Credit Directive have been implemented into the UK as well as many other financial regulations which derive from EU legislation. 

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

“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 also stated that consumers’ rights and protections, including those derived from EU legislation, were still unaffected and would remain unchanged until the government changes the legislation.

As for the future for financial regulation, the FCA stated: “The longer term impacts of t he 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.”

Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), added that this would be the beginning of what would be a long process of discussion and negotiation. 

“As the Bank of England and FCA have already emphasised, the current legal and financial regulatory framework for FLA members remains exactly as it was before the vote, and it is likely to do so for some considerable time.

“The UK has a strong and resilient financial sector and the FLA’s members will continue to make a vital contribution to the economy. 

“The FLA will work closely with the government, regulators and other stakeholders to ensure that its members’ interests are properly reflected in discussions over the coming months and years about the possible market and regulatory consequences of the decision to leave the EU.”

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