The Financial Conduct Authority’s Brexit chief has warned there are still unknown risks of disruption to the financial sector should the UK crash out of the EU without a deal.
Nausicaa Delfas, executive director of international at the Financial Conduct Authority and responsible for the FCA’s Brexit preparations, said the EU’s “patchwork” approach to no-deal has left the financial sector vulnerable to possible disruption.
Speaking to the PA news agency, Ms Delfas said that, while the UK’s financial watchdog has done “everything we can” to guard against the effects of a cliff-edge withdrawal over the past three years, the EU has not yet come up with a uniform approach.
Ms Delfas said: “In a nutshell, we have done everything we can to ensure continuity of business in the UK.
“On the EU side, there’s a patchwork of solutions and, because of that, if there is a hard exit, there could be some disruption.”
She added it was “difficult to say” at this stage what form that disruption might take.
“Because there’s a patchwork of solutions where everybody is playing their part to ensure continuity, there could be some gap between those that nobody has thought of, or that doesn’t quite work,” she added.
But Ms Delfas stressed that the UK financial watchdog and its EU counterparts “stand ready to take a pragmatic approach were anything like that to happen”. [...]
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