FCA says Brexit plans will cost £30m

Purvai Dua

Source: @Photoshot

Watchdog adds Brexit is “inevitably the priority”

The Financial Conduct Authority (FCA) has said today that it was limiting the number of new initiatives it takes on for the year ahead, saying Brexit is “inevitably the priority”.

Overall, the watchdog has put aside £30m to deal with Brexit plans, with £14m of that reabsorbed by delaying or reducing non-critical activity, and finding other ways to deliver regulatory requirements.

In its annual business plan published today, the financial regulator also said it will have to cut back on some of its regular responsibilities as it prepares for a “particularly challenging year” ahead.

Andrew Bailey, FCA chief executive, said: “We recognise that this year we need to dedicate a significant amount of resource to withdrawal from the EU. As a result, setting our priorities this year has involved a particularly rigorous level of scrutiny and challenge to focus on areas where we see the greatest potential for harm.”

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