The FCA today published two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29 March next year without an implementation period. 

The Financial Conduct Authority is to consult on new rules to reduce the potential harm to investors holding funds invested in illiquid assets - such as property - “under stressed market conditions.”

Brexit uncertainty is “biting hard” on banks and investment managers with optimism in the financial services sector falling sharply in the quarter to September.

FCA chairman Charles Randell has warned that the regulator will resist any calls for excessive financial de-regulation as Brexit looms and memories of the last financial crisis in 2008 fade.