Chief executive of the Financial Conduct Authority (FCA) Andrew Bailey has urged UK and EU negotiators to take cooperative action in order to mitigate risks to financial stability brought about by Brexit.
At a speech at the Future of the City dinner on Monday (5 February), Bailey said there is "a range of operational issues arising from Brexit which, if not tackled, will create financial stability risks and issues for both the UK and the European Union". Bailey said the "best solutions are mutually agreed and enacted so that they are consistent", adding that the UK and EU need to make a joint commitment on a "well-defined transition period" by the end of March so that the regulators can work with firms and political authorities to implement practical solutions. "The benefits of a trans...
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