The Financial Conduct Authority has warned there will be significant financial implications for the UK in the aftermath of the Brexit vote.
In an official statement released following the results, the FCA outlined how future negotiations will shape the relationship between the European Union and the UK going forward.
It commented that it is in close contact with regulated firms, as well as the likes of the Bank of England, the Treasury and other UK authorities and that it will be closely monitoring the situation moving forward.
Its official release states:
“Much financial regulation currently applicable in the UK derives from EU legislation. This regulation will remain applicable until any changes are made, which will be a matter for Government and Parliament.
“Firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect.
“Consumers’ rights and protections, including any derived from EU legislation, are unaffected by the result of the referendum and will remain unchanged unless and until the Government changes the applicable legislation.
“The longer term impacts of the decision to leave the EU on the overall regulatory framework for the UK will depend, in part, on the relationship that the UK seeks with the EU in the future. We will work closely with the Government as it confirms the arrangements for the UK’s future relationship with the EU.”
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