FCA confirms post-Brexit cooperation deals with EU regulators

The UK’s Financial Conduct Authority (FCA) has confirmed a series of agreements signed with European regulators.

In 2019, the watchdog signed a memoranda with the European Securities and Markets Authority (ESMA) and other continental regulators.

The deals enable cross-border supervision of firms and allows the FCA to share information with its EU counterparts.

It activated in the event the UK left the EU without a deal or implementation period.

The FCA has confirmed that the memoranda “remain relevant and appropriate”. This is despite the activation of the UK’s Withdrawal Agreement on 31 January 2020.

Andrew Bailey, then CEO of the FCA, said the deals would “minimise the potential for disruption”.

The conclusion of the Brexit transition period, expiring on 31 December 2020, marks the start of the agreements.

The FCA announced earlier this month that it plans to create a digital sandbox in partnership with the City of London Corporation.

The new sandbox is focused on aiding the UK’s recovery from the ongoing coronavirus pandemic.

Currently in pilot stage, the digital sandbox has carved out its data sets around three key areas: preventing fraud, supporting the vulnerable, and improving access to finance.