FCA Warns Of 'Cliff Edge' Risks After Brexit Transition Ends

Law360, London (November 13, 2020, 4:41 PM GMT) -- Britain's financial regulator has warned that "cliff edge" risks remain for U.K. companies as the end of Brexit transition period nears, meaning they could no longer be able to serve customers in Europe.

Nausicaa Delfas, an executive director at the Financial Conduct Authority, said that banks and insurers based in the U.K. may not be able to continue serving customers who are resident in the European Economic Area after the transition period ends in December.

The U.K. has put in place a so-called temporary permission regime, which allows companies in the bloc to continue to operate in Britain while they apply...

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