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FCA Tells Europe's Cos. To Seek Temporary UK Permission

Law360, London (January 7, 2019, 12:39 PM GMT) -- The Financial Conduct Authority told Europe’s banks and insurance companies on Monday that they can start applying for temporary permission to continue providing financial services in Britain for a limited period after Brexit if the U.K. leaves the European Union without securing a transition agreement.

The FCA said that banks and insurers based in the European Economic Area that currently use so-called passporting to provide services to the U.K. can apply to the watchdog from Monday under its temporary permissions regime. This will allow businesses based in the EEA to continue providing new and existing regulated business to U.K. customers for up...

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