Monday, 9 April 2018

City regulator faces £30m Brexit bill

The City regulator has said it is facing a £30m Brexit bill in the year running up to the UK's withdrawal from the EU.

The Financial Conduct Authority will ditch "non-critical" work to find £14m, while the rest will come from reserves and fees from the financial industry.

Last year, the FCA had to find an extra £2.5m for Brexit work.

The costs were revealed for the first time in its business plan for the coming year.

The Brexit bill is the dominant issue in the 60-page document, which also outlines FCA priorities including tackling poor pension advice and investigating treatment of longstanding insurance customers.
Andrew Bailey, FCA chief executive, said: "Uncertainty around Brexit is a challenge. We must be prepared to adjust [our plan]."

He said that preparing for Brexit could not just be added on to everything else the regulator would otherwise do.

"It's not feasible for us. It is not feasible for industry," he said.

BBC      News.

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