On December 13, the UK Financial Conduct Authority (FCA) published a press release advising that it has updated its webpage on “preparing your firm for Brexit.”
The FCA expects that, by now, firms will have considered the issues it has previously highlighted in relation to Brexit. It has updated its webpage to follow up on some key areas:
- Contract continuity: The FCA reminds firms doing business in the European Economic Area (EEA) under a passport that they need to consider how they will continue to service customers with existing contracts after Brexit.
- Execution of firms’ contingency plans: The FCA reminds firms they should consider their clients’ best interests when executing their contingency plans.
- Data sharing: The FCA reminds firms of the importance of considering whether they transfer personal data between the UK and EEA. The FCA expects firms to consider what contingency plans may be necessary.
- Customer communications: The FCA reminds firms of the importance of considering what communications to customers will be necessary to explain how Brexit might affect them.