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Danny McCance 19 Apr 2017 12:01pm

Brexit is top priority for the FCA

The Financial Conduct Authority (FCA) has released its mission statement and business plan for the following year, highlighting the role it will play in ongoing Brexit negotiations

“The UK’s withdrawal from the European Union will have important implications for the FCA over the coming years and will be a key area of focus”, the FCA stated in its Business Plan 2017/18.

“Both we and the government are keen to ensure that the financial services industry remains resilient and well placed to meet users’ needs and thus make the most of opportunities in a post Brexit world”, said Andrew Bailey, chief executive, FCA.

He talked of a "stronger emphasis on consumer vulnerability and access to financial services" in this year's Business Plan.

"This priority runs across financial sectors, is an important part of our mission and will also be a key focus of our forthcoming Consumer Approach document," he added.

The authority has identified five principles that will guide the advice given to the government over the ongoing negotiations.

These five principles are cross-border market access; consistent global standards; cooperation between regulatory authorities, influence over standards and the opportunity to recruit and maintain a skilled workforce.

“We are working to make sure that any risks to our objectives, including any operational challenges, are identified and addressed, and that the UK’s domestic markets, and the role they play in supporting the wider economy, is safeguarded”, the report stated.

“Through active engagement with a wide range of European and global bodies, we help to shape policy debates, share our regulatory experience and perspective, review how agreed standards are implemented and help identify and mitigate new and emerging issues.”

The plan further emphasises the “key role” the FCA plays in “influencing and then implementing domestic and European legislation and international policy”.

“Through active engagement with a wide range of European and global bodies, we help to shape policy debates, share our regulatory experience and perspective, review how agreed standards are implemented and help identify and mitigate new and emerging issues.”

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