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UK: Brexit will cost the financial regulator US$42m

By  |  April 9, 2018

Britain’s financial watchdog said it needs to dedicate £30 million ($42 million) of spending to deal with the impact of Brexit on the financial services sector next year.

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    In its latest annual business plan, released Monday, April 9, the Financial Conduct Authority (FCA) said it would devote £14 million (US$19.8 million) of spending on the UK’s withdrawal from the European Union by delaying or reducing “non-critical” activity.

    That leaves £16 million (US$22.6 million) which the regulator will have to raise itself. It said it will raise £5 million by targeting firms most likely to be affected by Brexit with fees, another £5 million (US$7.1 million) will come from FCA reserves and the remaining £6 million (US$8.5 million) will come from fees charged to firms as part of new regulations.

    “We recognize that this year we need to dedicate a significant amount of resource to withdrawal from the EU,” FCA Chief Executive Andrew Bailey said in a statement Monday.

    “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.”

    Full Content: BBC News

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