The Financial Conduct Authority has warned that firms subject to MIFID II reporting rules should begin preparing now for the consequences of a ‘no-deal’ Brexit as the prospect of EU withdrawal without agreement becomes more likely.

The FCA has today published new proposals on how it will prepare for the  possibility that the UK will leave the European Union on 29 March  without “an implementation period.”

The FCA’s ‘Brexit minister’ Nausicaa Delfas says the regulator is ready for all potential outcomes of the final Brexit negotiations, including a ‘cliff-edge’ or hard Brexit which could result in sudden change to the regulatory environment.

The FCA has created a “new and vital role” to help steer the organisation through Brexit.