Belfast Telegraph

City watchdog determined to promote cross-border trade

By Staff Reporter

The financial watchdog has made a case for cross-border market access and keeping the City open to talent in a post-Brexit world.

As part of its new business plan, which was unveiled yesterday, the Financial Conduct Authority (FCA) laid out its priorities for the coming year, with minimising disruption from Britain's EU exit among the issues at the top of its list.

FCA chief Andrew Bailey said: "The UK's decision to leave the European Union creates uncertainty for both the financial industry and the FCA.

"Both we and the Government are keen to ensure that the financial services industry remains resilient and well placed to meet users' needs and thus make the most of opportunities in a post-Brexit world.

"Leaving the EU inevitably creates a higher risk of disruption to our business plan priorities.

"So it is particularly important that we retain the flexibility to respond swiftly should we need to review them further."

Five principles will guide the FCA's advice to Government relating to Brexit.

These include cross-border market access, the opportunity to recruit and maintain a skilled workforce, cooperation between regulatory authorities and influence over standards.

The FCA also plans to put "consumer vulnerability and access to financial services" at the heart of its mission.

It pointed to a 2019 deadline for compensation payouts linked to the PPI scandal, which has so far resulted in over £24.5bn being paid to customers.

The body said it would launch a campaign to raise awareness and understanding of the PPI complaints deadline.

Just last month Citigroup, which employs around 1,500 people here, sent an internal memo to staff following the triggering of Article 50, trying to address concerns over Brexit contingency plans.

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