The FCA has stepped up its preparations for a no-deal Brexit by outlining detailed plans for the oversight of EU financial services firms with operations in Britain. The FCA published a blueprint for how it would issue temporary authorisations for EU firms doing business in the UK.
The regulator also revealed that 1,300 EU firms that have activities in Britain would be willing to sign up to its proposal that they have time-limited permits lasting three years.
This figure represents fewer than 20 per cent of the 8,000 EU entities that hold authorisations from the bloc, called passports, to do business in the UK.
However, the FCA does not know how many of these entities have multiple passports.
The FCA will roll out its three-year temporary authorisations regime for EU firms in the event of a no-deal Brexit to try to smooth the end of passporting arrangements.
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