On 13 December 2018, the FCA announced that it has updated its preparing your firm for Brexit webpage to include further information on how firms may be affected by Brexit by building on information it has already made available to firms. This will help firms to consider the implications for their business and their customers, and to plan accordingly.
The FCA says that it expects that, by now, firms have considered the issues that it has previously highlighted. It has updated the webpage to follow up on some key areas:
- contract continuity: the FCA reminds firms which do business in the EEA under a passport that they need to consider how they will continue to service customers with existing contracts after Brexit;
- execution of firms’ contingency plans: the FCA reminds firms that they should consider their clients’ best interests when executing their plans;
- data sharing: the FCA reminds firms of the importance of considering whether they transfer personal data between the UK and EEA. It expects firms to consider what contingency plans may be necessary;
- customer communications: the FCA reminds firms of the importance of considering what communications to customers will be necessary to explain how Brexit might affect them.